# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001580642-26-001510
**Filing Date:** 2026-3
**Character Count:** 56277
**Document Hash:** cbbc76c48d5eeb71b3a6f36b779019a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001510.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001580642-26-001510

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-182417
- **FILM NUMBER:** 26725762

**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:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## 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, 2026

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, 2026, as supplemented to date, are incorporated by reference into this Summary Prospectus. You can obtain these documents, reports to shareholders, and other information about the Fund online at <u>https://www.leadersharesetfs.com/funds/leadershares-dynamic-yield-etf</u>. You can also obtain these documents at no cost by calling 1-(888) 617-1444 or by sending an email request to <u>info@leadersharesetfs.com</u>. 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%** |

---

(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, and extraordinary or non-recurring expenses such as litigation
to which a Fund may be a party and indemnification of the Trustees and officers with respect thereto) 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 year ended October 31, 2025, the Fund's portfolio turnover rate was 1%.

**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 is 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.** 

The Fund may be subject to the risks described below through its own direct investments and indirectly through its investments in other investment companies, such as ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;· *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, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, changes in interest rate levels,
supply chain disruptions, sanctions, tariffs, the spread of infectious illness or other public health threats, lack of liquidity in the
bond markets, volatility in the securities markets or adverse investor sentiment and political events affect the securities markets. U.S.
and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future. Securities
markets also may experience long periods of decline in value. 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.
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.

&nbsp;&nbsp;&nbsp;&nbsp;· *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 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 (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. New regulations applicable to and changing business practices of financial intermediaries
that make markets in fixed income securities have resulted in less market making activity for certain fixed income securities, which may
reduce the liquidity and may increase the volatility for such fixed income securities. 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. Heavy redemptions could cause the Fund to sell assets at inopportune times or at a loss
or depressed value and could hurt the Fund's performance. Duration risk arises when holding long duration and long maturity investments,
which will magnify certain risks, including interest rate risk and credit risk. Longer-term securities may be more sensitive to interest
rate changes Effective duration estimates price changes for relatively small changes in rates. If rates rise significantly, effective
duration may tend to understate the drop in a security's price. If rates drop significantly, effective duration may tend to overstate
the rise in a security's price.

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;· *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 an
investment held by the Fund. Changes in the credit rating of a debt security held by the Fund could have a similar effect.

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;· *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.
Currency rates in foreign countries may fluctuate significantly for a number of reasons, including the forces of supply and demand in
the foreign exchange markets, actual or perceived changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign
governments or central banks, or currency controls or political developments in the U.S. or abroad.

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;· *ETF Structure Risks.* The Fund is structured as an ETF and as a result is subject to special risks.
Shares are not individually redeemable and may be redeemed by the Fund at net asset value only in large blocks known as "Creation
Units." An investor may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Trading in shares on the exchange
on which the Fund is listed 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. The market prices of shares
will fluctuate in response to changes in net asset value 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. Shares may trade at a discount
or premium to net asset value. If a shareholder purchases shares at a time when the market price is at a premium to the net asset value
or sells shares at a time when the market price is at a discount to net asset value, 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. There may be times when the market price and the
net asset value vary significantly. For example, in times of market stress, 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 the Fund's shares and the Fund's
net asset value. When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for the Fund's
shares is open, there may be changes from the last quote of the closed market and the quote from the Fund's domestic trading day,
which could lead to differences between the market value of the Fund's shares and the Fund's net asset value. In stressed
market conditions, the market for the Fund's shares may become less liquid in response to the deteriorating liquidity of the Fund's
portfolio. This adverse effect on the liquidity of the Fund's shares may, in turn, lead to differences between the market value
of the Fund's shares and the Fund's net asset value.

 

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;· *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, financial, social and economic events (including, for example, military confrontations,
war and terrorism) or diplomatic developments. Foreign (non-U.S.) securities may also be less liquid and more difficult to value than
securities of U.S. issuers. To the extent that the Fund invests a significant portion of its assets in a specific geographic region, the
Fund will generally have more exposure to regional economic risks associated with foreign investments. International trade barriers or
economic sanctions against foreign countries, organizations, entities and/or individuals may adversely affect the Fund's foreign
holdings or exposures.

&nbsp;&nbsp;&nbsp;&nbsp;· *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 from 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.

&nbsp;&nbsp;&nbsp;&nbsp;· *High Yield Fixed Income Securities ("Junk Bond") 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.
Junk bonds may experience more price volatility and a more limited market than the market for investment-grade fixed income securities.

&nbsp;&nbsp;&nbsp;&nbsp;· *Investment Companies Risk.* When the Fund invests in other investment companies, (including
open-end mutual funds or ETFs), it will bear additional expenses based on its pro rata share of the other investment company's operating
expenses, including the management fees of unaffiliated funds in addition to those paid by the Fund. The risk of owning an investment
company generally reflects the risks of owning the underlying investments held by the investment company. The Fund may also incur brokerage
costs when it purchases and sells shares of investment companies. An ETF's shares could trade at a significant premium or discount
to its NAV.

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;· *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 stressed markets, certain types of securities may suffer periods of illiquidity if they are
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. Illiquidity may result from the absence of an established market for investments
as well as legal, contractual or other restrictions. Securities of companies with smaller market capitalizations, foreign securities,
or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk.

&nbsp;&nbsp;&nbsp;&nbsp;· *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. When the U.S. government and the Federal Reserve reduce market support activities, including by increasing interest rates, such
reductions 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.

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;· *Prepayment and Extension Risk.* Many types of fixed income
securities are subject to prepayment and extension 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.

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;· *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 or region may
affect the value of the Fund's investments more than if the Fund's investments were not so concentrated. While the Fund may
not concentrate in any one industry, the Fund may invest without limitation in a particular sector. Economic, legislative, or regulatory
developments may occur that significantly affect an entire sector. This may cause the Fund's NAV to fluctuate more than that of
a fund that does not focus in a particular sector.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Communications Sector Risk*. Companies in the communications services sector are subject to the
risk that they will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions such as intense
competition and changes in consumer preferences, and/or technological innovation and obsolescence of existing technology.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Consumer Staples Sector Risk*. The consumer staples sector may be affected by the regulation of
various product components and production methods, commodity price volatility, imposition of import controls, increased competition, depletion
of resources, marketing campaigns and other factors affecting consumer demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Energy Sector Risk.* The energy sector is comprised of energy, industrial, consumer, infrastructure
and logistics companies, and therefore will be susceptible to adverse economic, environmental, business, regulatory or other occurrences
affecting that sector. The energy sector has historically experienced substantial price volatility. At times, the performance of
energy sector investments may lag the performance of other sectors or the market as a whole. Companies operating in the energy sector
are subject to specific risks, including, among others, fluctuations in commodity prices; reduced consumer demand for commodities such
as oil, natural gas or petroleum products; reduced availability of natural gas or other commodities for transporting, processing, storing
or delivering; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy
assets. The energy markets have experienced significant volatility in recent periods, including a historic drop in crude oil and natural
gas prices in April 2020 attributable to the significant decrease in demand for oil and other energy commodities as a result of the slowdown
in economic activity due to the COVID-19 pandemic as well as price competition among key oil-producing countries. Future pandemics
could lead to reduced production and price volatility.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Healthcare Sector Risk.* The healthcare sector may be affected by government regulations and government
healthcare programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors.
Healthcare companies are subject to competitive forces that may result in price discounting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Industrials Sector Risk.* The industrials sector is subject to risks related to general economic
conditions, changes in interest rates, commodity and energy prices, and the pace of infrastructure and capital spending. Companies in
the industrials sector may be adversely affected by manufacturing and supply chain disruptions, fluctuations in demand for transportation
and logistics services, labor shortages and rising labor costs, and changes in government regulation and spending priorities (including
defense spending). Many industrial companies are also exposed to risks associated with international trade, including tariffs, sanctions,
and other barriers to trade, as well as currency fluctuations and geopolitical events. In addition, industrial companies may be subject
to significant competition and rapid technological change, and may be affected by product liability claims, environmental liabilities,
and catastrophic events such as natural disasters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Information Technology Sector Risk.* The information technology sector is subject to risks related
to rapid technological change, product obsolescence, short product cycles, and intense competition. Technology companies may be adversely
affected by the introduction of new products and services, changing consumer preferences, and the failure to successfully innovate. These
companies may face risks associated with cyber-attacks, data breaches, and other information security incidents, as well as system failures
and disruptions in technology infrastructure. Technology companies may also be affected by intellectual property disputes, litigation,
evolving privacy and data protection laws and regulations, and restrictions on cross-border data flows. Many technology companies rely
on global supply chains and third-party vendors and may be impacted by supply shortages, increased costs, and geopolitical or trade-related
disruptions.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Materials Sector Risk.* The materials sector is subject to risks related to commodity price volatility,
changes in demand from global economic cycles, and the availability and cost of raw materials. Companies in the materials sector may be
adversely affected by inflation, fluctuations in energy prices, and changes in interest rates, as well as supply chain constraints and
transportation disruptions. Materials companies may also face significant environmental, health, and safety risks and liabilities, including
costs associated with compliance with environmental regulations, remediation, and litigation. In addition, the materials sector may be
negatively impacted by trade restrictions, tariffs, and other geopolitical events, as well as competition and technological changes that
affect production methods and end-market demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Real Estate Sector Risk.* The real estate sector is subject to risks related to declines in property
values, adverse economic conditions, and changes in interest rates. Real estate companies and real estate-related investments may be adversely
affected by rising interest rates, tightening credit conditions, refinancing risk, and reduced access to capital, which can increase borrowing
costs and depress property valuations. Real estate investments may be affected by changes in occupancy rates, tenant defaults, rental
income levels, and the supply of and demand for properties. In addition, real estate companies may be subject to risks associated with
environmental conditions and liabilities, natural disasters, climate-related events, and changes in zoning or land-use regulations. Real
estate companies may also be impacted by regional economic conditions, demographic trends, and shifts in work or shopping patterns (including
increased remote work and e-commerce).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Utilities Sector Risk.* The utilities sector is subject to risks related to changes in interest
rates, regulation, and the costs of providing services. Utilities companies may be adversely affected by changes in government regulation,
including rate-setting and environmental requirements, as well as increased competition due to deregulation or technological developments.
Utilities companies can be sensitive to rising interest rates because they often carry significant debt and may be perceived as income-oriented
investments. The utilities sector may also be affected by fuel and energy costs, supply disruptions, infrastructure failures, and catastrophic
events such as storms, wildfires, droughts, or other natural disasters. In addition, utilities companies may face risks related to climate
change, increased capital expenditures to modernize infrastructure, and liabilities arising from accidents or service interruptions.

&nbsp;&nbsp;&nbsp;&nbsp;· *Underlying Funds Risk.* The risk that the Fund's investment
performance and its ability to achieve its investment objective are directly related to the performance of the underlying funds in which
it invests. There can be no assurance that the Fund's investments in underlying funds will achieve their respective investment objectives.
The Fund is subject to the risks of the underlying funds in direct proportion to the allocation of its assets among the underlying funds.

&nbsp;&nbsp;&nbsp;&nbsp;· *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. Additionally, the U.S. Government and its agencies and instrumentalities
do not guarantee the market values of their securities, which may fluctuate.

&nbsp;&nbsp;&nbsp;&nbsp;· *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. The Fund relies on various sources to calculate its NAV. The
information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by
such pricing sources, technological issues or otherwise. NAV calculation may also be impacted by operational risks arising from factors
such as failures in systems and technology.

&nbsp;&nbsp;&nbsp;&nbsp;· *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. Although floating rate securities
are less sensitive to interest rate risk, they are subject to credit risk and default risk which could impair their value.

&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;· *Yield Curve Risk.* This is the risk that there is an adverse shift in market interest rates of fixed
income investments. The risk is associated with either flattening or steepening of the yield curve, which is a result of changing yields
among comparable bonds with different maturities. If the yield curve flattens, then the yield spread between long-and short-term interest
rates narrows and the price of a bond will change. If the curve steepens, then the spread between the long- and short-term interest rates
increases which means long-term bond prices decrease relative to short-term bond prices.

**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 includes a comparison of 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 <u>www.leadersharesetfs.com</u> 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;12/31/2023 | &nbsp;&nbsp;5.12% |
| &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, 2025)**

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**One<br> Year** | &nbsp;&nbsp;**Since<br> Inception<sup>(1)</sup>** |
| &nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;5.03% | &nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;Return after taxes on Distributions | &nbsp;&nbsp;3.25% | &nbsp;&nbsp;-0.23% |
| &nbsp;&nbsp;&nbsp;Return after taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp;2.95% | &nbsp;&nbsp;0.27% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index<sup>(2)</sup> | &nbsp;&nbsp;7.30% | &nbsp;&nbsp;-0.01% |

---

(1) Inception date is June 28, 2021.

(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. Investors cannot invest directly in an index or benchmark.
Index returns are gross of any fees, brokerage commissions or other expense of investing.

**Investment Adviser:** Redwood Investment Management, LLC 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 NYSE Arca, Inc. ("NYSE Arca" 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.*, 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 <u>www.leadersharesetfs.com</u>.

**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.