LeaderShares Equity Skew ETF
SQEW
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- LeaderShares Equity Skew ETF (SQEW) is an actively managed exchange-traded fund that seeks long-term capital growth through a contrarian equity strategy based on Redwood Investment Management's Skew Portfolio Theory (SPT). The ETF normally invests at least 80% of its net assets in equity securities, dynamically overweighting asset classes and factors with higher statistical return opportunities—such as U.S. large cap growth, U.S. large cap value, U.S. small cap growth, U.S. small cap value, and emerging market equities—while underweighting those with lower opportunities; it maintains directional beta to the overall equity market via a rebalancing process utilizing statistical skew measures. The fund targets institutional and retail investors seeking dynamic equity exposure with risk-adjusted enhancements, operating primarily in U.S. and global markets including emerging Asia, developed Asia, Latin America, and the Middle East. Launched on May 12, 2020, and domiciled in the United States under the Two Roads Shared Trust, the ETF is managed by a team including Michael Cheung, Michael Messinger, and Richard Duff, with Redwood Investment Management, LLC serving as the adviser based in Scottsdale, Arizona. The strategy emphasizes quantitative research to exploit asymmetries in return distributions, potentially resulting in higher portfolio turnover compared to index-tracking funds. Holdings have historically included significant allocations to ETFs like SPDR Portfolio S&P 500 Growth ETF and SPDR Portfolio Emerging Markets ETF, alongside individual U.S. large-cap stocks across sectors. In a significant recent development, Redwood Investment Management announced on October 14, 2025, that the Board of Trustees approved a plan of liquidation for SQEW, alongside the LeaderShares Activist Leaders ETF (ACTV); the fund was fully liquidated on October 31, 2025, and is no longer available for investment, with historical regulatory filings accessible via SEC EDGAR. This operational change marks the cessation of the ETF's active trading and portfolio management activities. Prior to liquidation, the fund maintained total net assets of approximately $57.66 million and a net expense ratio of 0.84%, distributed through Northern Lights Distributors, LLC.