LeaderShares Dynamic Yield ETF
DYLD
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- LeaderShares Dynamic Yield ETF (DYLD) is an actively managed exchange-traded fund that seeks current income through a diversified portfolio of global fixed income securities, employing a proprietary quantitative model to identify attractive sectors and segments of the bond market based on risk-reward dynamics. The fund normally invests at least 80% of its net assets in fixed income instruments, including 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 equivalents; it may also invest in other investment companies such as exchange-traded funds and utilize derivatives including futures, options, credit default swaps, total return swaps, and repurchase agreements. Investments span investment-grade and high-yield (up to 50% of net assets) securities across U.S. and non-U.S. dollar-denominated issuances from domestic and foreign issuers, including up to 20% in emerging markets, with no restrictions on maturity or duration and flexibility to shift defensively into U.S. government securities during elevated risk periods. Launched on June 28, 2021, and listed on NYSE Arca, DYLD is a series of Two Roads Shared Trust, with Redwood Investment Management, LLC serving as investment adviser and portfolio managers Michael Cheung and Michael T. Messinger overseeing operations from Scottsdale, Arizona. The fund targets income-oriented investors across broad credit fixed income markets, maintaining assets under management of approximately $44-51 million, a net expense ratio of 0.75%, and a dividend yield around 4.4% through monthly distributions, such as $0.0896 in June 2025 and $0.0724 in November 2024. In recent developments, DYLD has sustained steady institutional interest, with major holders including Redwood Investment Management LLC (23.60%), LPL Financial LLC, and Envestnet Asset Management Inc., alongside ongoing share purchases by entities like Private Advisor Group LLC in 2024-2025. While LeaderShares ETFs, under Redwood's advisory, announced the liquidation of companion funds ACTV and SQEW in October 2025 to streamline offerings, DYLD continues active operations with regular ex-dividend announcements and portfolio adjustments reflecting market conditions, including substantial allocations to U.S. Treasury bills (over 50%) and select high-yield corporate bonds like DISH DBS Corporation and CCO Holdings. The fund engages in frequent trading to adapt to quantitative signals, supporting its focus on yield capture amid varying credit and duration risks.