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Redwood Investment Management's Liquidation Announcement

On October 14, 2025, Redwood Investment Management, LLC, revealed that the Board of Trustees of Two Roads Shared Trust has sanctioned a Plan of Liquidation for its LeaderShares Activist Leaders ETF (ACTV) and LeaderShares Equity Skew ETF (SQEW). The directive indicates that both Funds are set to be liquidated and dissolved approximately by October 30, 2025.

Key Dates and Details

Liquidation Date: The Funds will cease operations and dissolve on or around October 30, 2025.
Closing Date: Share trading on the NYSE Arca for these Funds will conclude on October 24, 2025—this will also be the last date that the Funds will accept orders for new creation units or redemption requests from Authorized Participants.

Shareholders are permitted to sell their shares in the secondary market until the Closing Date. Following this date and leading up to the Liquidation Date, the ability to sell shares may be limited to specific broker-dealers, without any guarantee of an active market.

Capital Gains and Distributions

Upon liquidation, each Fund will liquidate its assets and distribute the proceeds to shareholders. Those who hold shares by the Liquidation Date will receive a cash redemption reflecting their stake in the Fund’s net assets, minus necessary withholdings which can encompass fees, taxes, expenses, and liabilities. In line with the liquidation process, any realized capital gains and net investment income must be declared and distributed to shareholders prior to liquidation.

For shareholders still holding shares on the Liquidation Date who have not sold in the secondary market, their shares will automatically be redeemed.

Important Considerations

It is essential for investors to understand the potential implications surrounding the liquidation, including tax ramifications. Unless shares are maintained in a tax-deferred account, shareholders could recognize gains or losses for federal income tax purposes at redemption time. Notably, transaction fees will not be applicable to shareholders as the Funds liquidate.

Consultation and Further Information

For shareholders requiring more information, detailed insights and the full investment prospectus can be accessed at www.leadersharesetfs.com or by contacting Redwood Investment Management at 1-480-757-4277. Engaging with a tax advisor to clarify the situation concerning these funds is also recommended.

About Redwood Investment Management

Redwood Investment Management is dedicated to providing innovative investment techniques traditionally reserved for large institutions to all individual investors through its RiskFirst® solutions. Their approach emphasizes risk management to achieve investment success, democratizing access to financial products such as private debt tied to real estate. Redwood encourages financial advisors to leverage its diverse offerings, which include mutual funds and LeaderShares ETFs, ensuring better investment outcomes for individual investors. Explore more at www.redwoodim.com.