# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001580642-23-001438
**Filing Date:** 2023-3
**Character Count:** 33981
**Document Hash:** 449f3aba9d68333e4f758739925e5ce1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-001438.hdr.sgml**: 20230313

**ACCESSION NUMBER**: 0001580642-23-001438

**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:** 23726236

**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

### Affinity World Leaders Equity ETF (Series ID: S000060111)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000196754 | Affinity World Leaders Equity ETF | WLDR            |

**Affinity World Leaders Equity ETF**

**SUMMARY PROSPECTUS** 

**March 1, 2023**

WLDR

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, are incorporated by reference into this Summary Prospectus. You can obtain these documents and other information about the Fund online at http://regentsparkfunds.com/wldr-fund/. You can also obtain these documents at no cost by calling 1-866-866-4848 or by sending an email request to OrderRegentsParkETF@ultimusfundsolutions.com. Shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc. (the "Exchange").

**Investment Objective:** The Affinity World Leaders Equity ETF (the "Fund") seeks to provide investment results that correspond generally, before fees and expenses, to the performance of the Thomson Reuters StarMine Affinity World Leaders Index (the "TRSAWL Index" or the "Index").

**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.

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses**<br> (expenses that you pay each year as a percentage of the value of your investment) | |
| Management Fees | 0.47% |
| Distribution and Service (12b-1) Fees | 0.00% |
| Other Expenses | 0.69% |
| Total Annual Fund Operating Expenses | 1.16% |
| Fee Waiver and Expense Reimbursement | (0.49)% |
| Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement<sup>(1)</sup> | **0.67%** |

---

(1) The
Fund's Adviser has contractually agreed to reduce the Fund's fees and/or absorb expenses of the Fund through at least February
28, 2024 to ensure that total annual Fund operating expenses after fee waiver and reimbursement (exclusive of any taxes, interest, brokerage
commissions, expenses incurred in connection with any merger or reorganization, indirect expenses, expenses of other investment companies
in which the Fund may invest, or extraordinary expenses such as litigation) will not exceed 0.67% of average daily net assets. This agreement
may be terminated by the Fund's Board of Trustees on 60 days' written notice to the adviser. These fee waivers and expense
reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years
after the fees have been waived or reimbursed) if such recoupment can be achieved without exceeding the foregoing expense limits as well
as any expense limitation in effect at the time the reimbursement is made. The Adviser and Affinity Investment Advisors, LLC ("Affinity"
or the "Sub-Adviser"), have agreed that Affinity will reimburse all Fund expenses directly.

**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 (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>1Year</u>** | &nbsp;&nbsp;**<u>3 Years</u>** | &nbsp;&nbsp;**<u>5 Years</u>** | &nbsp;&nbsp;**<u>10 Years</u>** |
| &nbsp;&nbsp;$68 | &nbsp;&nbsp;$320 | &nbsp;&nbsp;$591 | &nbsp;&nbsp;$1365 |

---

**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 93% of the average value of its portfolio.

**Principal Investment Strategies:** The Fund seeks to passively replicate the TRSAWL Index. The TRSAWL Index consists of equity securities issued and traded in the US as well as international countries. The TRSAWL Index is expected to consist of approximately 150 to 250 stocks of companies located in the U.S. and in at least three countries outside of the U.S., and may invest in up to 20 countries. The TRSAWL Index will be significantly invested in the securities of international companies in addition to securities of U.S. companies. The Fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities included in the Fund's TRSAWL Index. The Fund may also invest in American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") (collectively "Depositary Receipts") based on the securities in the TRSAWL Index.

Constituents of the TRSAWL Index are characterized by strong global footprint (measured by market capitalization), rank high on measures of earnings quality, demonstrate improving fundamentals (positive earnings revisions on earnings estimates, revenue estimates, price targets, and analyst recommendations), show stock price momentum, and trade at relatively attractive valuations (based on a ranking from various trading multiples, which are, generally speaking, a ratio of the security's market price to financial or accounting metrics such as earnings, book value, etc., as well as a dividend discount model, which attempts to determine the current or future value of a security based in part on its dividend payments).

The process of constructing the TRSAWL Index begins with sorting the companies in the Thomson Reuters Global Developed Index (excluding those in Greece and South Korea) (the "Benchmark Index") by market capitalization. The next step involves selecting those companies that comprise the top 85% of cumulative market capitalization, and categorizing them into two regions: US and International. The final step involves scoring these securities on the above criteria within each region, and then narrowing this universe of companies to approximately 150 to 250 equity securities using a proprietary ranking system of the Fund's sub-adviser, Affinity. The proprietary ranking system is known as the "Affinity Score" and is calculated by weighting the above criteria based on the Sub-Adviser's assessment of the correlation between the score components and subsequent long-term stock performance. Stocks that rank in the top decile are candidates for purchase, while those that rank outside the top quartile are typically sold. A risk management overlay is then used to guide portfolio construction. The overlay calls for neutral business sector weights versus the Benchmark Index, approximately equal active weighting of each security within a business sector (active weight is the absolute percentage deviation of a security's weight in the portfolio from its weight in the Benchmark Index), and limiting the deviation of the TRSAWL Index's geographical distribution from that of the Benchmark Index. The TRSAWL Index is reconstituted and rebalanced on a semi-annual basis.

As of December 31, 2022, the Index was comprised of 142 issuers with market capitalizations ranging from $6.2 billion to $454.2 billion. As of December 31, 2022, the countries in the Benchmark Index were: Australia, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, Spain, Switzerland, United Kingdom, and the United States.

The TRSAWL Index is co-sponsored by the Sub-Adviser and by Thomson Reuters (Markets) LLC (the "Index Provider"), an organization that is independent of the Fund, the Adviser and the Sub-Adviser. The Sub-Adviser determines the composition and relative weightings of the securities in the TRSAWL Index and the Index Provider publishes information regarding the market value of the Index.

The Fund uses a "passive" or indexing approach to attempt to approximate the investment performance of the TRSAWL Index by investing in a portfolio of securities that generally replicates the TRSAWL Index. Unlike many investment companies, the Fund does not try to "beat" the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. The Fund may concentrate its investments in a particular country, region, industry or group of industries to the extent that the TRSAWL Index concentrates in a country, region, industry or group of industries.

**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.

 

*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.

 

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;o *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;▪ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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;▪ 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;▪ 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.

 

*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 or other securities 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.

*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, natural or other event, including war, terrorism, natural and environmental disasters, epidemics, pandemics and other public health crisis, 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.

*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 foreign (non-U.S.) currencies.

*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 changing economic, political or market conditions.

*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.

*Index Risk:* Unlike many investment companies, the Fund does not utilize an investing strategy that seeks returns in excess of the TRSAWL Index. Therefore, the Sub-Adviser would not necessarily sell a security unless that security is removed from the TRSAWL Index, even if that security generally is underperforming or the security's issuer was in financial trouble, and the Fund will be negatively affected by general declines in the securities and asset classes represented in the TRSAWL Index. The Fund does not take defensive positions in declining markets. Market disruptions and regulatory restrictions could have an adverse effect on the Fund's ability to adjust its exposure to the required levels in order to track the TRSAWL Index. The Index Provider relies on third party data it believes to be reliable in constructing the TRSAWL Index, but it does not guarantee the accuracy or availability of any such third party data, and there is also no guarantee with respect to the accuracy, availability or timeliness of the production of the TRSAWL Index.

*Index Tracking Error Risk:* As with all index funds, the performance of the Fund and the TRSAWL Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the TRSAWL Index. In addition, the Fund may not be fully invested in the securities of the TRSAWL Index at all times, may deviate from the relative weightings of the TRSAWL Index or may hold securities not included in the TRSAWL Index. Tracking error risk may be heightened during times of market volatility or other unusual 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 NAV and may face delisting.

*Calculation Methodology Risk:* The TRSAWL Index relies on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Adviser, the Sub-Adviser nor Thomson Reuters can offer assurances that the TRSAWL Index's calculation methodology or sources of information will provide an accurate assessment of included issuers or correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the TRSAWL Index.

 

*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, investment sub-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:* 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 from 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.

*Industry Concentration Risk:* The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund's investment more than the market as a whole, to the extent that the Fund's investments are concentrated in securities of a particular industry, group of industries or sector.

*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 to those of the Fund. Management risk includes the risk that the quantitative model used by the Fund's investment sub-adviser may not perform as expected, particularly in volatile markets.

*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.

*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.

*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 showing changes in the Fund's performance from year to year and by showing the Fund's one-year and since inception performance compared with those of 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 and the TRSAWL 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 RegentsParkFunds.com or by calling 1-866-866-4848.

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

![](image_001.jpg)

---

| | | |
|:---|:---|:---|
| Best Quarter | 06/30/2020 | 15.71% |
| Worst Quarter | 03/31/2020 | (28.99)% |

---

**Performance Table**

**Average Annual Total Returns**

**(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;-10.25% | &nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;Return after taxes on Distributions | &nbsp;&nbsp;-11.03% | &nbsp;&nbsp;1.15% |
| &nbsp;&nbsp;&nbsp;Return after taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp;-6.08% | &nbsp;&nbsp;1.41% |
| &nbsp;&nbsp; **Thomson Reuters StarMine Affinity World Leader Total Return Index<sup>(2)</sup>**<br> (reflects no deduction for fees, expenses or taxes) | &nbsp;&nbsp;-8.90% | &nbsp;&nbsp;3.44% |
| &nbsp;&nbsp; **MSCI World Index<sup>(3)</sup>**<br> (reflects no deduction for fees, expenses or taxes) | &nbsp;&nbsp;-18.14% | &nbsp;&nbsp;5.34% |

---

(1) Inception date is January 16,
2018. (2) The Thomson
Reuters Star Mine Affinity World Leader Total Return Index ("TRSAWL Index") consists of equity securities issued and traded
in the US as well as international countries. The TRSAWL Index is expected to consist of approximately 150 to 250 stocks of companies
located in the U.S. and in at least three countries outside of the U.S. and may invest in up to 20 countries. The TRSAWL Index will be
significantly invested in the securities of international companies in addition to securities of U.S. companies. Unlike a fund, an unmanaged
index assumes no transaction costs, taxes, management fees or other expenses. Investors may not invest directly in an index. Index returns
are gross of any fees, brokerage commissions or other expenses of investing.

(3) The MSCI World Index is a broad
global equity index that represents large and mid-cap equity performance across 23 developed markets countries. It covers approximately
85% of the free float-adjusted market capitalization in each country and MSCI World Index does not offer exposure to emerging markets.
The Fund's portfolio holdings may differ significantly from the securities held in the MSCI World Index, and unlike a fund, an unmanaged
index assumes no transaction costs, taxes, management fees or other expenses. Investors may not invest directly in an index. Index returns
are gross of any fees, brokerage commissions or other expenses of investing.

 

*After-tax returns are 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 above, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.* 

**Investment Adviser:** Regents Park Funds, LLC (the "Adviser")

**Investment Sub-Adviser:** Affinity Investment Advisors, LLC

**Portfolio Manager:** Gregory R. Lai, CFA, Principal of the Sub-Adviser, has served the Fund as its portfolio manager since it commenced operations in January of 2018 and is responsible for the day to day management of the Fund.

**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 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 may trade at a price 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 RegentsParkFunds.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 the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies, including the Adviser or the Sub-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.