SCHEDULE 13G/A: Truist Financial Corporation Discloses Significant 8.47% Stake in Two Roads Shared Trust ETF

Truist Financial Corporation, through its subsidiary Truist Advisory Services, Inc., has reported a beneficial ownership of 8.47% in the Exchange Traded Fund of Two Roads Shared Trust.

Summary

• Truist Financial Corporation, acting as a Parent Holding Company for Truist Advisory Services, Inc., has filed an Amendment No. 1 to Schedule 13G.
• The filing reports beneficial ownership in the Exchange Traded Fund (ETF) of Two Roads Shared Trust, with CUSIP Number 90214Q584.
• As of March 31, 2025, Truist beneficially owns 707,563.02 shares of the ETF.
• This ownership represents 8.47% of the total class of securities.
• Truist holds sole voting power and sole dispositive power over all 707,563.02 reported shares, with no shared voting or dispositive power.
• The shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. It's a routine regulatory filing indicating a significant, but not controlling, investment by a major financial institution. The 'ordinary course of business' statement is positive.

Positives

• Truist Financial Corporation's significant investment indicates institutional confidence in the Two Roads Shared Trust ETF.
• The acquisition is stated to be in the ordinary course of business, suggesting a routine investment strategy rather than an aggressive takeover attempt, which can provide stability.

Future Outlook

This Schedule 13G filing is a disclosure of current beneficial ownership and does not contain forward-looking statements or guidance regarding future performance or strategic plans of either Truist Financial Corporation or Two Roads Shared Trust.

Management Comments

• Edward M. Kwiatkowski, Vice President of Truist Financial Corporation, certified that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Industry Context

This filing reflects a routine disclosure by a large financial institution, Truist Financial Corporation, regarding its investment holdings in an Exchange Traded Fund. Such disclosures are common in the financial industry as investment advisors and parent holding companies manage client assets and report significant stakes in publicly traded securities, aligning with regulatory transparency requirements.

Comparison to Industry Standards

• As a standard beneficial ownership disclosure, this filing does not provide performance metrics for direct comparison to industry benchmarks or specific comparable companies. It merely states the ownership percentage of a specific ETF by a financial institution.
• The 8.47% stake is a significant minority holding, typical for institutional investors managing diversified portfolios, and does not suggest an intent to control the issuer, which aligns with the certification provided.

Stakeholder Impact

• Shareholders of Two Roads Shared Trust ETF: The disclosure of a significant institutional investor like Truist Financial Corporation holding an 8.47% stake may be viewed positively, indicating institutional confidence in the ETF.

Next Steps

• The document does not specify any immediate future actions or milestones beyond the routine regulatory compliance of filing this statement.

Key Dates

Keywords

Truist Financial Corporation, Two Roads Shared Trust, Schedule 13G, Beneficial Ownership, Exchange Traded Fund, ETF, Investment Advisor, Financial Reporting, SEC Filing