LeaderShares Dynamic Yield ETF
Data updated: 2026-09-28
C000228396 — LeaderShares Dynamic Yield ETF. Short Treasury / Sovereign Bond · $40.07M AUM · 0.75% expense ratio. Holdings, fees, performance and SEC filings.
C000228396 Fund Overview
LeaderShares Dynamic Yield ETF is a US ETF managed by Two Roads Shared Trust, categorised as Short Treasury / Sovereign Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US ETF
- Manager: Two Roads Shared Trust
- Category: Short Treasury / Sovereign Bond
- Assets under management: $40.07M
- 1-year return: 2.7%
- SEC CIK: 0001552947
- SEC series ID: S000072292
- Share class ID: C000228396
C000228396 Investment Objective and Strategy
LeaderShares Dynamic Yield ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Two Roads Shared Trust.
Investment objective
The LeaderShares Dynamic Yield ETF (the ?Dynamic Yield ETF? or the ?Fund?) seeks current income.
Principal investment strategy
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.
C000228396 Holdings
Top 10 holdings of LeaderShares Dynamic Yield ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| United States Of America - Bureau Of The Public Debt | 54.53% |
| Bbh Sweep Vehicle | 4.63% |
| Dish Dbs Corp. | 0.34% |
| Dish Dbs Corp. | 0.34% |
| Tenneco LLC | 0.32% |
| Davita, Inc. | 0.29% |
| Neptune Bidco US, Inc. | 0.29% |
| Cco Holdings LLC / Cco Holdings Capital Corp. | 0.29% |
| Uber Technologies, Inc. | 0.28% |
| Cco Holdings LLC / Cco Holdings Capital Corp. | 0.28% |
C000228396 Portfolio Allocation
Asset-class allocation of LeaderShares Dynamic Yield ETF by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 94.7% |
| Cash & Equivalents | 4.6% |
C000228396 Performance
Total returns for C000228396 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 0.6% |
| 1 year | 2.7% |
| 3 years (annualised) | 4.2% |
| 5 years (annualised) | 0.8% |
C000228396 Risk Information
Risk metrics for C000228396, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 1.4%
C000228396 Costs and Fees
C000228396 costs about $75 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.75%
- Gross expense ratio: 0.75%
- Portfolio turnover: 1%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000228396 Cashflows
Over the 12 months to 2026-07, LeaderShares Dynamic Yield ETF had net outflows of $10.22M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-07 | $0 |
| 2026-06 | $0 |
| 2026-05 | $0 |
| 2026-04 | $0 |
| 2026-03 | −$1.13M |
| 2026-02 | $0 |
C000228396 Debt Constituents
Largest debt holdings of LeaderShares Dynamic Yield ETF by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| United States Of America - Bureau Of The Public Debt | 54.53% |
| Dish Dbs Corp. | 0.34% |
| Dish Dbs Corp. | 0.34% |
| Tenneco LLC | 0.32% |
| Davita, Inc. | 0.29% |
| Neptune Bidco US, Inc. | 0.29% |
| Cco Holdings LLC / Cco Holdings Capital Corp. | 0.29% |
| Uber Technologies, Inc. | 0.28% |
| Cco Holdings LLC / Cco Holdings Capital Corp. | 0.28% |
| Ingram Micro, Inc. | 0.28% |
C000228396 Prospectus and SEC Filings
Official LeaderShares Dynamic Yield ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-02-27
- Prospectus (485BPOS) — filed 2025-02-28
- Prospectus supplement (497) — filed 2025-03-03
- Portfolio holdings (N-PORT) — filed 2026-09-28
- Portfolio holdings (N-PORT) — filed 2026-06-17
- Portfolio holdings (N-PORT) — filed 2026-03-27
- Annual census (N-CEN) — filed 2026-01-14
- Annual census (N-CEN) — filed 2025-01-14
Related Funds
Other Short Treasury / Sovereign Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.