# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001580642-23-001443
**Filing Date:** 2023-3
**Character Count:** 34890
**Document Hash:** f9b14592e13886f92dc59c010c52146c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-001443.hdr.sgml**: 20230313

**ACCESSION NUMBER**: 0001580642-23-001443

**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:** 23726344

**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

### LeaderSharesTM AlphaFactor(R) US Core Equity ETF (Series ID: S000061956)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000200720 | LeaderSharesTM AlphaFactor(R) US Core Equity ETF |  |

**LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> US Core Equity ETF**

**SUMMARY PROSPECTUS** 

March 1, 2023

LSAF

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-alphafactor-core-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> AlphaFactor<sup>®</sup> US Core Equity ETF (the "AlphaFactor<sup>®</sup> US Core Equity ETF" or the "Fund") seeks to provide investment results that correspond generally, before fees and expenses, to the performance of the AlphaFactor<sup>®</sup> US Core Equity 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.

---

| | |
|:---|:---|
| &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 and Service(12b-1) 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 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 150% of the average value of its portfolio.

**Principal Investment Strategies:** The Fund seeks to replicate the Adviser's proprietary index, the AlphaFactor<sup>®</sup> US Core Equity Index (the "Index"). The Index utilizes a quantitative rules-based investment methodology that applies a multi-factor ranking process and is focused on the largest 1,000 U.S. common stocks based on market capitalization. Companies within this group of top 1,000 market capitalization may be considered large or mid-cap companies. As of January 31, 2023, the market capitalization range of this universe of companies is between $470 million and over $2.2 trillion. Due to future market fluctuations, the market capitalization of this universe may be lower or higher at any given time. The methodology selects stocks based on a number of characteristics that include, but are not limited to, net share count reduction, free cash flow growth, and debt/asset ratios. The final selection of stocks is based on market characteristics including, but not limited to, liquidity and market capitalization.

Under normal circumstances, at least 80% of the Fund's net assets, including any borrowings for investment purposes, will be invested in a diversified portfolio of equity securities of U.S. common stocks included in the Index. The Fund may also invest up to 20% of its assets in securities and other instruments not included in its Index but which the Adviser believes will help the Fund track its Index.

As of December 31, 2022, the Index was comprised of one hundred issuers. It is rebalanced to equal weight and reconstituted on a quarterly basis. The composition of the Index will change over time.

The Fund uses as its index calculation agent Solactive, AG ("Calculation Agent"), an organization that is independent of the Fund and the Adviser. The Adviser determines the composition and relative weightings of the securities in the Index and the Calculation Agent 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 Index by investing in a portfolio of securities that generally replicates the Index. The Fund may concentrate its investments in certain sectors, which may include the information technology sector, industrials sector, consumer discretionary sector, and financials sector, to the extent that the Index concentrates in such sectors.

**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.**

* *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
and other markets, volatility in the equities market 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.<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. 

* *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.

* *Index Tracking Error Risk.* As with all index
funds, the performance of the Fund and the 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 Index. In addition, the Fund may not be fully invested in the securities
of the Index at all times, may deviate from the relative weightings of the Index or may hold securities not included in the Index. Tracking
error risk may be heightened during times of market volatility or other unusual market conditions.

* *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.

* *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. Medium sized companies normally have a lower trading volume than larger companies, which may tend to make their
market price fall more disproportionately than larger companies in response to selling pressures.

* *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.

* *Active Trading Risk.* A higher portfolio turnover
may 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.

* *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.

* *Calculation Methodology Risk.* The 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, nor the Calculation Agent can offer assurances that the 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 Index.

* *Concentration Risk.* If the Fund invests a significant
portion of its total assets in certain issuers within the same economic sector, an adverse economic, business or political development
affecting that sector may affect the value of the Fund's investments more than if the Fund's investments were not so concentrated.

* *Consumer Discretionary Sector Risk.* The success
of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates,
exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary
sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing
campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability. In addition,
the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global
economy and, in turn, negatively affect companies in the consumer discretionary sector. A recent example is the negative impact on the
consumer discretionary sector of the aggressive measures taken worldwide by governments in response to COVID-19, including closing borders,
restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including
changes to operations and reducing staff.

* *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 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 shareholders 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.

* *Financials Sector Risk.* The financials
sector includes companies in the banks, capital markets, diversified financials, and insurance industry groups. Performance of
companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations,
economic conditions, and interest rates, credit rating downgrades, and decreased liquidity in credit markets. The extent to which the
Fund may invest in a company that engages in securities-related activities or banking is limited by applicable law. The impact of
changes in capital requirements and recent or future regulation of any individual financial company, or of the financials sector as a
whole, cannot be predicted. In recent years, cyber-attacks and technology malfunctions and failures have become increasingly frequent
in this sector and have caused significant losses to companies in this sector, which may negatively impact the Fund.

* *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 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.

* *Industrials Sector Risk.* The industrials sector includes companies in the commercial and professional services
and transportation industry groups, including companies engaged in the business of human capital management, business research and consulting,
air freight and logistics, airlines, maritime shipping and transportation, railroads and trucking, transportation infrastructure, and
aerospace and defense. The value of securities issued by companies in the industrials sector may be adversely affected by supply
and demand changes related to their specific products or services and industrials sector products in general. The products of manufacturing
companies may face obsolescence due to rapid technological developments and frequent new product introduction. Global events and changes
in government regulations, economic conditions and exchange rates may adversely affect the performance of companies in the industrials
sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims.
The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable
factors. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government
spending policies because companies in this sector tend to rely to a significant extent on government demand for their products and services.

* *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 risk that a strategy used
by the Fund's investment adviser may fail to produce the intended results or that imperfections, errors or limitations in the tools
and data used by the investment adviser may cause unintended results. Management risk includes the risk that the quantitative model used
by the Fund's investment adviser may not perform as expected, particularly in volatile markets.

* *Passive Investment Risk.* The Fund is not actively managed and its Adviser would not sell shares of an equity security due to current or projected underperformance
of a security, industry, or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise
required upon a reconstitution of the Index as addressed in the Index methodology. The Fund invests in securities included in, or representative
of securities included in, the Index, regardless of their investment merits. The Fund does not take defensive positions under any market
conditions, including conditions that are adverse to the performance of the Fund.

* *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.

* *Retail Sector Risk.* Retail and related industries can be significantly affected by the performance of the domestic and international economy, consumer
confidence and spending, intense competition, changes in demographics, and changing consumer tastes and preferences. In addition,
the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global
economy and, in turn, negatively affect companies in the retail sector. A recent example is the negative impact on the retail sector of
the aggressive measures taken worldwide by governments in response to COVID-19, including closing borders, restricting international and
domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations
and reducing staff.

* *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. 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_002.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Highest Quarter: | &nbsp;&nbsp;06/30/2020 | &nbsp;&nbsp;23.65% |
| &nbsp;&nbsp;Lowest Quarter: | &nbsp;&nbsp;03/31/2020 | &nbsp;&nbsp;-29.26% |

---

**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;-12.97% | &nbsp;&nbsp;5.21% |
| &nbsp;&nbsp;&nbsp;Return after taxes on Distributions | &nbsp;&nbsp;-13.17% | &nbsp;&nbsp;5.03% |
| &nbsp;&nbsp;&nbsp;Return after taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp;-7.54% | &nbsp;&nbsp;4.03% |
| &nbsp;&nbsp;&nbsp;S&P 500 Index<sup>(2)</sup> | &nbsp;&nbsp;-18.11% | &nbsp;&nbsp;8.49% |
| AlphaFactor® US Core Equity Index<sup>(3)</sup> <br> (reflects no deductions for fees, expenses or taxes) | &nbsp;&nbsp;-12.58% | &nbsp;&nbsp;6.13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Inception date is October 1, 2018

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The AlphaFactor® US Core
Equity Index, the Fund advisor's proprietary index, utilizes a quantitative rules-based investment methodology that applies a multi-factor
ranking process and is focused on the largest 1,000 U.S. common stocks based on market capitalization. Companies within this group of
the top 1,000 market capitalizations may be considered large or mid-cap companies. Investors cannot invest directly in an index or benchmark.
Index returns are gross of any fees, brokerage commissions or other expenses of investing.

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

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

**Portfolio Managers:** The Fund is jointly managed by Michael T. Messinger, Portfolio Manager and Managing Partner of Redwood, Michael T. Cheung, Portfolio Manager and Managing Partner of Redwood, and Richard M. Duff, Managing Partner of Redwood. Messrs. Messinger, Cheung and Duff have managed the Fund since it commenced operations in September 2018.

**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" or 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.*, at a premium), or less than NAV (*i.e.*, at 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 the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and its related companies 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.