# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001580642-23-001442
**Filing Date:** 2023-3
**Character Count:** 30530
**Document Hash:** 42c7c71a7213b42571593b60bd808429
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-001442.hdr.sgml**: 20230313

**ACCESSION NUMBER**: 0001580642-23-001442

**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:** 23726321

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 402-895-1600

**MAIL ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **STREET 2:** SUITE 200
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

## Series and Classes Contracts Data

### LeaderShares(R) AlphaFactor(R) Tactical Focused ETF (Series ID: S000068214)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000218404 | LeaderShares(R) AlphaFactor(R) Tactical Focused ETF |  |

**LeaderShares<sup>®</sup> AlphaFactor<sup>®</sup> Tactical Focused ETF**

**SUMMARY PROSPECTUS** 

March 1, 2023

LSAT

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-tactical-focused-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> Tactical Focused ETF (the "Tactical ETF" or the "Fund") seeks to generate long term capital growth.

**Fees and Expenses of the Fund:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses**<br> (expenses that you pay each year as a percentage of the value of your investment) |  |
| &nbsp;&nbsp;Management Fee<sup>(1)</sup> | &nbsp;&nbsp;0.99% |
| &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;**0.99%** |

---

(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** |
| $101 | $315 | $547 | $1213 |

---

**Portfolio Turnover:** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. For the fiscal year ended October 31, 2022, the Fund's Portfolio Turnover rate was 229% of the average value of its portfolio.

**Principal Investment Strategies:** The Fund is an actively managed exchange-traded fund ("ETF") that employs an investment approach that utilizes a quantitative factor-based investment methodology focused on U.S. equities. The Adviser selects stocks based on a number of characteristics that include, but are not limited to, net share count reduction, free cash flow growth, dividend yield, volatility and debt/asset ratios. The final selection of stocks is based on market characteristics including, but not limited to, liquidity and market capitalization. The Fund expects the average daily trading volume of shares in companies being selected to be in excess of 400,000 shares per day at the time of purchase, however average daily trading volume may change due to market fluctuations. In addition, the Fund expects the market capitalization of the companies in which it invests to be $1 billion and greater, however this could change due to market fluctuations. The Fund will typically be invested in a diversified portfolio of equity securities of companies with market capitalizations of at least $1 billion at the time of initial purchase. The Adviser employs a multi-factor tactical risk management overlay that seeks to identify periods of above average risk. **At times identified by the Adviser as above average risk, the Fund may exit positions in equity securities and become comprised primarily of money market instruments such as treasury bills, certificates of deposit and commercial paper and other short-term instruments, money market funds, or U.S. government bonds.** Such investments can either be direct or through investments in other investment companies, including exchange-traded funds ("ETFs"). In identifying a time as above average risk, the Fund will consider multiple factors including negative market performance and negative market technical indicators such as advance versus decline breadth, as well as a proprietary set of supply and demand and economic factors.

The Fund may focus its investments in a particular sector, industry or group of industries.

The Fund may engage in active and frequent trading.

**Principal Investment Risks: As with all funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a complete investment program but rather one component of a diversified investment portfolio. An investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency; and is subject to investment risks. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. Many factors affect the Fund's net asset value and performance. As with any fund, there is no guarantee that the Fund will achieve its goal. Each risk summarized below is a principal risk of investing in the Fund and different risks may be more significant at different times depending upon market conditions or other factors.**

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.

* *Market Risk.* Overall market risk may affect the value of individual instruments in which the Fund invests. The Fund is subject to the risk
that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors,
which may negatively affect the Fund's performance. Factors such as domestic and foreign (non-U.S.) economic growth and market
conditions, real or perceived adverse economic or political conditions, inflation, changes in interest rate levels, lack of liquidity
in the bond or other markets, volatility in the equities market or other securities markets or adverse investor sentiment 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.

* *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.

* *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.

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

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

* *Trading Issues.* Trading
in shares on the New York Stock Exchange (the "NYSE") may be halted due to market conditions or for reasons that,
in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that
shares will continue to meet the listing requirements of the Exchange. An active trading market for the Fund's shares may not be
developed or maintained. If the Fund's shares are traded outside a collateralized settlement system, the number of financial institutions
that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund's
shares.

* *Market Price Variance Risk.* The
market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a "bid-ask
spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be
times when the market price and the NAV vary significantly. This means shares may trade at a discount or premium to NAV. If a shareholder
purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount
to NAV, the shareholder may sustain losses if the shares are sold at a price that is less than the price paid by the shareholder for the
shares.

* In times of market stress, such as what was experienced during the COVID-19
pandemic, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences
between the market value of Fund shares and the Fund's net asset value.

* The market price for the Fund's
shares may deviate from the Fund's net asset value, particularly during times of market stress, with the result that investors may
pay significantly more or significantly less for Fund shares than the Fund's net asset value, which is reflected in the bid and
ask price for Fund shares or in the closing price.

* When all or a portion of an ETFs underlying securities trade in a market
that is closed when the market for the Fund's shares is open, there may be changes from the last quote of the closed market and
the quote from the Fund's domestic trading day, which could lead to differences between the market value of the Fund's shares
and the Fund's net asset value.

* In stressed market conditions the market for the Fund's shares
may become less liquid in response to the deteriorating liquidity of the Fund's portfolio. This adverse effect on the liquidity
of the Fund's shares may, in turn, lead to differences between the market value of the Fund's shares and the Fund's
net asset value.

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

* *Equity Risk.* Equity securities
are susceptible to general market fluctuations, volatile increases and decreases in value as market confidence in and perceptions of their
issuers change and unexpected trading activity among retail investors. Factors that may influence the price of equity securities include
developments affecting a specific company or industry, or the changing economic, political or market conditions.

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

* *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.

* *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 or its Service Providers to suffer data breaches, data corruption or lose operational functionality.
Successful cyber-attacks or other cyber-failures or events affecting the Fund or its Service Providers may adversely impact the Fund or
its shareholders.

* *Fluctuation of Net Asset Value Risk.* Unlike conventional ETFs,
the Fund is not an index fund. The Fund is actively managed and does not seek to replicate the performance of a specified index. The NAV
of the Fund's shares will generally fluctuate with changes in the market value of the Fund's holdings. The market prices of
the shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand for the shares on the
Exchange. The Adviser cannot predict whether the shares will trade below, at or above their NAV. Price differences may be due, in large
part, to the fact that supply and demand forces at work in the secondary trading market for the shares will be closely related to, but
not identical to, the same forces influencing the prices of the Fund's holdings trading individually or in the aggregate at any
point in time. Actively managed ETFs have a limited trading history and, therefore, there can be no assurance as to whether and/or the
extent to which the shares will trade at premiums or discounts to NAV.

* *Focus Risk.* The Fund generally
expects to invest in approximately 30 stocks at any given time, and as a result, the Fund's performance may be more volatile than
the performance of funds holding more securities. 

* *Gap Risk.* The Fund is subject
to the risk that a stock price or derivative value will change dramatically from one level to another with no trading in between and/or
before the Fund can exit the investment. Usually such movements occur when there are adverse news announcements, which can cause a stock
price or derivative value to drop substantially from the previous day's closing price. Trading halts may lead to gap risk. Trading
halts may lead to gap risk.

* *Investment Companies and ETFs Risk.* When the Fund invests in other investment companies, including ETFs, it will bear additional expenses based on its pro rata
share of the other investment company's or ETF's operating expenses, including the management fees of the investment company
or ETF in addition to those paid by the Fund. The risk of owning an investment company or ETF generally reflects the risks of owning the
underlying investments the investment company or ETF holds. The Fund also will incur brokerage costs when it purchases and sells ETFs.
The Fund may invest in in inverse ETFs, which may result in increased volatility and will magnify the Fund's losses or gains. During
periods of market volatility, inverse ETFs may not perform as expected.

* *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. In addition, the Fund's tactical asset allocation strategy may be unsuccessful and
may cause the Fund to miss attractive investment opportunities while in a defensive position.

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

* *Market Events Risk.* There has been increased volatility, depressed
valuations, decreased liquidity and heightened uncertainty in the financial markets during the past several years, including what was
experienced in 2020. These conditions are an inevitable part of investing in capital markets and may continue, recur, worsen or spread.
The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, took steps to support financial
markets, including by lowering interest rates to historically low levels. This and other government intervention may not work as intended,
particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. The U.S. government and the Federal
Reserve have recently reduced market support activities, including by increasing interest rates. Such reduction, including interest rate
increases, could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities
in which the Fund invests. Policy and legislative changes in the United States and in other countries may also contribute to decreased
liquidity and increased volatility in the financial markets. The impact of these influences on the markets, and the practical implications
for market participants, may not be fully known for some time.

* *Money Market Instrument Risk.* The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments.
An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. It is possible to lose money
by investing in a money market fund. Recently, the SEC proposed amendments to money market fund rules intended to address potential systemic
risks associated with money market funds and to improve transparency for money market fund investors. The money market fund reforms may
impact the structure, operations and return potential of the money market funds in which the Fund invests.

* *New Fund Risk.* The Fund is recently formed. Investors bear the
risk that the Fund may not grow to or maintain economically viable size, may not be successful in implementing its investment strategy,
and may not employ a successful investment strategy, any of which could result in the Fund being liquidated at any time without shareholder
approval and/or at a time that may not be favorable for certain shareholders. Such a liquidation could have negative tax consequences
for shareholders.

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

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

* *Tactical Overlay Strategy Risk.* The Adviser employs a multi-factor
tactical risk management overlay that seeks to identify periods of above average risk and exit positions in equity securities during such
periods of above average risk. The failure of the overlay strategy to timely or properly identify periods of above average risk may prevent
the Fund from avoiding losses in bad markets or may cause the Fund to miss gains in good markets.

* *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.

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

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

![](image_001.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Highest Quarter: | &nbsp;&nbsp;03/31/2021 | &nbsp;&nbsp;10.48% |
| &nbsp;&nbsp;Lowest Quarter: | &nbsp;&nbsp;06/30/2022 | &nbsp;&nbsp;-13.81% |

---

**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;-13.00% | &nbsp;&nbsp;12.26% |
| &nbsp;&nbsp;&nbsp;Return after taxes on Distributions | &nbsp;&nbsp;-13.07% | &nbsp;&nbsp;11.96% |
| &nbsp;&nbsp;&nbsp;Return after taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp;-7.64% | &nbsp;&nbsp;9.45% |
| &nbsp;&nbsp;&nbsp;S&P 500 Index<sup>(2)</sup> | &nbsp;&nbsp;-18.11% | &nbsp;&nbsp;7.37% |

---

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

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

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

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

**Purchase and Sale of Fund Shares:** The Fund will issue and redeem shares at NAV only in large blocks of 25,000 shares (each block of shares is called a "Creation Unit"). Creation Units are issued and redeemed for cash and/or in-kind for securities. Except when aggregated in Creation Units, the shares are not redeemable securities of the Fund.

Shares of the Fund are listed for trading on the New York Stock Exchange ("NYSE") (the "Exchange") and trade at market prices rather than NAV. Individual shares of the Fund may only be purchased and sold in secondary market transactions through a broker or dealer at market price. Because shares trade at market prices, rather than NAV, shares of the Fund may trade at a price that is greater than NAV (*i.e*., a premium), or less than NAV (*i.e*., a discount).

An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the "bid-ask spread").

Recent information, including information about the Fund's NAV, market price, premiums and discounts, and bid-ask spreads, is included on the Fund's website at www.leadersharesetfs.com.

**Tax Information:** The Fund's distributions generally will be taxable at ordinary income or long-term capital gain rates. A sale of shares may result in capital gain or loss.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies, including the Adviser, may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.