Fund Description: Anfield U.S. Equity Sector Rotation ETF is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the Two Roads Shared Trust, an open-end investment management company. <p> INVESTMENT OBJECTIVE: The Anfield U.S. Equity Sector Rotation ETF seeks to outperform traditional large-cap equity indices and styles over full market cycles. The Fund is an actively managed ETF and thus does not seek to replicate the performance of a specific index. Rather, the Adviser has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective. <p> FUND STRATEGY: The Fund normally invests at least 80% of its net assets, including any borrowings for investment purposes, in a diversified portfolio of ETFs that each invest at least 80% of their assets in U.S. equity securities. 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 U.S. equity markets. The Fund defines equity securities to include ETFs that invest primarily in equity securities, such as common and preferred stocks. The Fund will invest primarily in large capitalization issuers, although its assets may be invested in securities of any market capitalization. The Fund will invest in ETFs based on the Sub-Adviser’s macroeconomic and asset cycle investing methodology that determines the rank order of equity sectors, and then makes periodic shifts to i) capitalize on market opportunities, or ii) avoid market declines. The Fund expects to hold between eight to ten ETFs at any given time. The core of the Fund’s portfolio will be comprised of a combination of the 11 main industry sectors that make up the S&P 500 Index, although additional positions may be included in the Fund’s securities. Over- and under-weights of industry sectors are determined by the overall market and sector outlook. The Fund is generally rebalanced and adjusted on a quarterly basis. The Fund may also invest in various types of derivatives, including exchange listed and over the counter futures, options, total return swaps, forwards and repurchase agreements. <p> FUND MANAGEMENT: Regents Park Funds, LLC serves as investment adviser to the Fund. Anfield Capital Management, LLC serves as Sub-Adviser to the Fund.