# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001580642-26-002412
**Filing Date:** 2026-4
**Character Count:** 106732
**Document Hash:** f02004fe324a121b51c2f11990362a0f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-002412.hdr.sgml**: 20260409

**ACCESSION NUMBER**: 0001580642-26-002412

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260409

**DATE AS OF CHANGE**: 20260409

**EFFECTIVENESS DATE**: 20260409

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Two Roads Shared Trust
- **CENTRAL INDEX KEY:** 0001552947

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22718
- **FILM NUMBER:** 26850650

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 402-895-1600

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### Hypatia Women CEO ETF (Series ID: S000079305)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000240297 | Hypatia Women CEO ETF |  |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-22718</u>

<u>Two Roads Shared Trust</u> <br> (Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Suite 450, Cincinnati, OH</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>The Corporation Trust Company</u> <br> <u>1209 Orange Street, Wilmington, DE 19801</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-490-4300</u>

Date of fiscal year end: <u>7/31</u> <br>Date of reporting period: <u>7/31/25</u>

**Item 1. Reports to Stockholders.**

(a) #### Hypatia Women CEO ETF
(WCEO) NYSE Arca, Inc.

#### Semi-Annual Shareholder Report - January 31, 2026

# Fund Overview
This semi-annual shareholder report contains important information about Hypatia Women CEO ETF for the period of August 1, 2025 to January 31, 2026. You can find additional information about the Fund at **https://www.wceoetf.com/**. You can also request this information by contacting us at 1-888-338-3166.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Hypatia Women CEO ETF | $46 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Annualized |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $7504541 |
| Number of Portfolio Holdings | 157 |
| Advisory Fee | $25483 |
| Portfolio Turnover | 22% |

---

# **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i975879acf348cb2953434c4e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 100.0% |
| Rights | 0.0% |

---

# What did the Fund invest in?

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ib4d7795341a42fd46d9315c0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Utilities | 2.1% |
| Consumer Staples | 3.5% |
| Communications | 4.4% |
| Energy | 5.6% |
| Materials | 5.4% |
| Real Estate | 6.8% |
| Health Care | 11.3% |
| Consumer Discretionary | 13.0% |
| Industrials | 15.3% |
| Financials | 15.9% |
| Technology | 16.8% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;International Seaways, Inc. | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Occidental Petroleum Corporation | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Solaris Oilfield Infrastructure, Inc. | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Marathon Petroleum Corporation | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Arista Networks, Inc. | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Power Integrations, Inc. | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Insight Enterprises, Inc. | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;CDW Corporation | &nbsp;&nbsp;1.0% |
| &nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;1.0% |

---

# Material Fund Changes
No material changes occurred during the period ended January 31, 2026.

#### Hypatia Women CEO ETF

#### Semi-Annual Shareholder Report - January 31, 2026

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.wceoetf.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 013126-WCEO

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**Item 2. Code of Ethics.** 

Not applicable.

**Item 3. Audit Committee Financial Expert.** 

Not applicable.

**Item 4. Principal Accountant Fees and Services.** 

Not applicable.

**Item 5. Audit Committee of Listed Companies.** Not applicable

**Item 6. Investments.** Schedule of investments in securities of unaffiliated issuers is included under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Long Form Financial Statements

---

| |
|:---|
| **Hypatia Women CEO ETF** |
| WCEO |
| Semi-Annual Financial Statements |
| & Additional Information |
| January 31, 2026 |
| 1-888-338-3166 |
| www.hypatiacapital.com |

---

The financial statements and additional information contained herein are submitted for the general information of shareholders and are not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which contains information about the Fund's investment objective, risks, fees and expenses. Investors are reminded to read the prospectus carefully before investing in the Fund.

---

| |
|:---|
| **HYPATIA WOMEN CEO ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 100.1%** |  |
|  | **AEROSPACE & DEFENSE - 3.7%** |  |
| 381 | ATI, Inc.<sup>(a)</sup> | $45834 |
| 73 | Curtiss-Wright Corporation | 47938 |
| 130 | General Dynamics Corporation | 45642 |
| 391 | National Presto Industries, Inc. | 49813 |
| 70 | Northrop Grumman Corporation | 48458 |
| 495 | Textron, Inc. | 43590 |
|  |  | 281275 |
|  | **APPAREL & TEXTILE PRODUCTS - 1.2%** |  |
| 2237 | Levi Strauss & Company, Class A | 44472 |
| 366 | Tapestry, Inc. | 46449 |
|  |  | 90921 |
|  | **ASSET MANAGEMENT - 2.5%** |  |
| 1142 | Acadian Asset Management, Inc. | 63290 |
| 2457 | Franklin Resources, Inc. | 65405 |
| 817 | Voya Financial, Inc. | 62631 |
|  |  | 191326 |
|  | **AUTOMOTIVE - 0.7%** |  |
| 596 | General Motors Company | 50064 |
|  | **BANKING - 5.8%** |  |
| 940 | 1st Source Corporation | 63290 |
| 2628 | Alerus Financial Corporation | 64702 |
| 1636 | Amalgamated Financial Corporation | 63543 |
| 547 | Citigroup, Inc. | 63293 |
| 2312 | Eagle Bancorp, Inc. | 61869 |
| 2146 | Hanmi Financial Corporation | 57019 |
| 1121 | US Bancorp | 62899 |
|  |  | 436615 |
|  | **BEVERAGES - 0.4%** |  |
| 1265 | MGP Ingredients, Inc. | 31511 |
|  | **BIOTECH & PHARMA - 5.1%** |  |
| 988 | ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 24828 |
| 74 | Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 25016 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HYPATIA WOMEN CEO ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 100.1% (Continued)** |  |
|  | **BIOTECH & PHARMA - 5.1% (Continued)** |  |
| 6525 | Arbutus Biopharma Corporation<sup>(a)</sup> | $26948 |
| 1583 | Bicara Therapeutics, Inc.<sup>(a)</sup> | 26594 |
| 383 | Halozyme Therapeutics, Inc.<sup>(a)</sup> | 27465 |
| 243 | Jazz Pharmaceuticals PLC<sup>(a)</sup> | 39972 |
| 5602 | Recursion Pharmaceuticals, Inc., Class A<sup>(a)</sup> | 23472 |
| 6166 | SIGA Technologies, Inc. | 41313 |
| 56 | United Therapeutics Corporation<sup>(a)</sup> | 26291 |
| 1324 | UroGen Pharma Ltd.<sup>(a)</sup> | 25964 |
| 57 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 26784 |
| 3505 | Vir Biotechnology, Inc.<sup>(a)</sup> | 26077 |
| 331 | Zoetis, Inc. | 41316 |
|  |  | 382040 |
|  | **CABLE & SATELLITE - 0.6%** |  |
| 2355 | Sirius XM Holdings, Inc. | 47924 |
|  | **CHEMICALS - 2.7%** |  |
| 2457 | AdvanSix, Inc. | 38919 |
| 2664 | Chemours Company (The) | 39933 |
| 951 | DuPont de Nemours, Inc. | 41768 |
| 698 | HB Fuller Company | 41950 |
| 121 | Sherwin-Williams Company (The) | 42912 |
|  |  | 205482 |
|  | **COMMERCIAL SUPPORT SERVICES - 1.2%** |  |
| 1999 | AMN Healthcare Services, Inc.<sup>(a)</sup> | 42579 |
| 660 | UL Solutions, Inc., Class A | 46352 |
|  |  | 88931 |
|  | **DATA CENTER REIT - 0.8%** |  |
| 71 | Equinix, Inc. | 58287 |
|  | **DIVERSIFIED INDUSTRIALS - 0.6%** |  |
| 50 | Parker-Hannifin Corporation | 46792 |
|  | **E-COMMERCE DISCRETIONARY - 1.2%** |  |
| 789 | Etsy, Inc.<sup>(a)</sup> | 41785 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HYPATIA WOMEN CEO ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 100.1% (Continued)** |  |
|  | **E-COMMERCE DISCRETIONARY - 1.2% (Continued)** |  |
| 4298 | Figs, Inc., Class A<sup>(a)</sup> | $46462 |
|  |  | 88247 |
|  | **ELECTRIC UTILITIES - 1.3%** |  |
| 292 | Alliant Energy Corporation | 19246 |
| 488 | Avista Corporation | 20150 |
| 148 | IDACORP, Inc. | 19653 |
| 1305 | PG&E Corporation | 20123 |
| 396 | Portland General Electric Company | 19899 |
|  |  | 99071 |
|  | **ELECTRICAL EQUIPMENT - 1.9%** |  |
| 831 | Atmus Filtration Technologies, Inc. | 48173 |
| 427 | nVent Electric PLC | 47935 |
| 516 | Otis Worldwide Corporation | 44077 |
|  |  | 140185 |
|  | **ENGINEERING & CONSTRUCTION - 0.6%** |  |
| 633 | Exponent, Inc. | 45494 |
|  | **ENTERTAINMENT CONTENT - 0.7%** |  |
| 6502 | Reservoir Media, Inc.<sup>(a)</sup> | 49090 |
|  | **FOOD - 0.8%** |  |
| 1150 | BellRing Brands, Inc.<sup>(a)</sup> | 28601 |
| 848 | Tootsie Roll Industries, Inc. | 32122 |
|  |  | 60723 |
|  | **GAS & WATER UTILITIES - 0.8%** |  |
| 966 | MDU Resources Group, Inc. | 19812 |
| 374 | Middlesex Water Company | 19590 |
| 236 | Southwest Gas Holdings, Inc. | 19546 |
|  |  | 58948 |
|  | **HEALTH CARE FACILITIES & SERVICES - 3.2%** |  |
| 2688 | Acadia Healthcare Company, Inc.<sup>(a)</sup> | 36127 |
| 4058 | AdaptHealth Corporation<sup>(a)</sup> | 40783 |
| 3162 | Brookdale Senior Living, Inc.<sup>(a)</sup> | 47430 |
| 889 | Centene Corporation<sup>(a)</sup> | 38511 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HYPATIA WOMEN CEO ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 100.1% (Continued)** |  |
|  | **HEALTH CARE FACILITIES & SERVICES - 3.2% (Continued)** |  |
| 111 | Elevance Health, Inc. | $38377 |
| 403 | GeneDx Holdings Corporation<sup>(a)</sup> | 38793 |
|  |  | 240021 |
|  | **HEALTH CARE REIT - 0.8%** |  |
| 730 | Ventas, Inc. | 56699 |
|  | **HOME & OFFICE PRODUCTS - 0.6%** |  |
| 2401 | MillerKnoll, Inc. | 48212 |
|  | **HOME CONSTRUCTION - 1.3%** |  |
| 1509 | Interface, Inc. | 47488 |
| 764 | Taylor Morrison Home Corporation<sup>(a)</sup> | 46566 |
|  |  | 94054 |
|  | **HOTEL REIT - 0.7%** |  |
| 7392 | RLJ Lodging Trust | 54923 |
|  | **HOUSEHOLD PRODUCTS - 1.2%** |  |
| 281 | Clorox Company (The) | 31694 |
| 9468 | Coty, Inc., Class A<sup>(a)</sup> | 30014 |
| 20393 | Olaplex Holdings, Inc.<sup>(a)</sup> | 32220 |
|  |  | 93928 |
|  | **INDUSTRIAL SUPPORT SERVICES - 1.2%** |  |
| 1536 | Global Industrial Company | 46940 |
| 548 | MSC Industrial Direct Company, Inc., Class A | 46218 |
|  |  | 93158 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 0.8%** |  |
| 635 | Nasdaq, Inc. | 61525 |
|  | **INSURANCE - 6.8%** |  |
| 1674 | AMERISAFE, Inc. | 62959 |
| 1425 | Employers Holdings, Inc. | 62159 |
| 1454 | Horace Mann Educators Corporation | 65154 |
| 549 | Jackson Financial, Inc. | 65287 |
| 1540 | Lincoln National Corporation | 64079 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HYPATIA WOMEN CEO ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 100.1% (Continued)** |  |
|  | **INSURANCE - 6.8% (Continued)** |  |
| 682 | Principal Financial Group, Inc. | $64599 |
| 301 | Progressive Corporation (The) | 62608 |
| 1894 | Trupanion, Inc.<sup>(a)</sup> | 60589 |
|  |  | 507434 |
|  | **INTERNET MEDIA & SERVICES - 1.8%** |  |
| 13648 | Bumble, Inc., Class A<sup>(a)</sup> | 45721 |
| 175 | Expedia Group, Inc. | 46347 |
| 2128 | Upwork, Inc.<sup>(a)</sup> | 42624 |
|  |  | 134692 |
|  | **LEISURE FACILITIES & SERVICES - 2.5%** |  |
| 1573 | Cracker Barrel Old Country Store, Inc. | 47379 |
| 779 | Dutch Bros, Inc.<sup>(a)</sup> | 42370 |
| 2986 | Lindblad Expeditions Holdings, Inc.<sup>(a)</sup> | 49776 |
| 502 | Planet Fitness, Inc., Class A<sup>(a)</sup> | 45702 |
|  |  | 185227 |
|  | **MACHINERY - 1.2%** |  |
| 420 | Federal Signal Corporation | 45398 |
| 464 | Veralto Corporation | 45927 |
|  |  | 91325 |
|  | **MEDICAL EQUIPMENT & DEVICES - 3.0%** |  |
| 1836 | Ceribell, Inc.<sup>(a)</sup> | 37840 |
| 151 | Insulet Corporation<sup>(a)</sup> | 38627 |
| 290 | Masimo Corporation<sup>(a)</sup> | 39826 |
| 502 | Merit Medical Systems, Inc.<sup>(a)</sup> | 40708 |
| 2437 | SI-BONE, Inc.<sup>(a)</sup> | 40405 |
| 618 | Twist Bioscience Corporation<sup>(a)</sup> | 25381 |
|  |  | 222787 |
|  | **METALS & MINING - 2.1%** |  |
| 695 | Freeport-McMoRan, Inc. | 41860 |
| 338 | Newmont Corporation | 37974 |
| 5130 | SunCoke Energy, Inc. | 40322 |
| 1694 | USA Rare Earth, Inc.<sup>(a)</sup> | 37979 |
|  |  | 158135 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HYPATIA WOMEN CEO ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 100.1% (Continued)** |  |
|  | **OFFICE REIT - 0.7%** |  |
| 1578 | Kilroy Realty Corporation | $54409 |
|  | **OIL & GAS PRODUCERS - 3.9%** |  |
| 2701 | Kinder Morgan, Inc. | 82354 |
| 455 | Marathon Petroleum Corporation | 80166 |
| 110 | Murphy USA, Inc. | 46476 |
| 1811 | Occidental Petroleum Corporation | 82201 |
|  |  | 291197 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 1.1%** |  |
| 1487 | Solaris Oilfield Infrastructure, Inc. | 82068 |
|  | **PUBLISHING & BROADCASTING - 0.7%** |  |
| 668 | New York Times Company (The), Class A | 48971 |
|  | **REAL ESTATE SERVICES - 0.8%** |  |
| 3466 | Cushman & Wakefield Ltd.<sup>(a)</sup> | 56981 |
|  | **RENEWABLE ENERGY - 0.6%** |  |
| 2411 | Sunrun, Inc.<sup>(a)</sup> | 45809 |
|  | **RESIDENTIAL REIT - 2.2%** |  |
| 877 | Centerspace | 56365 |
| 878 | Equity LifeStyle Properties, Inc. | 55463 |
| 222 | Essex Property Trust, Inc. | 55915 |
|  |  | 167743 |
|  | **RETAIL - CONSUMER STAPLES - 1.1%** |  |
| 1864 | Albertsons Companies, Inc., Class A | 31036 |
| 250 | Five Below, Inc.<sup>(a)</sup> | 47910 |
|  |  | 78946 |
|  | **RETAIL - DISCRETIONARY - 5.6%** |  |
| 493 | Abercrombie & Fitch Company, Class A<sup>(a)</sup> | 48132 |
| 708 | Best Buy Company, Inc. | 46091 |
| 231 | Dick's Sporting Goods, Inc. | 46662 |
| 1247 | La-Z-Boy, Inc. | 45403 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HYPATIA WOMEN CEO ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 100.1% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 5.6% (Continued)** |  |
| 3083 | Sally Beauty Holdings, Inc.<sup>(a)</sup> | $46923 |
| 70 | Ulta Beauty, Inc.<sup>(a)</sup> | 45315 |
| 1441 | Valvoline, Inc.<sup>(a)</sup> | 47150 |
| 795 | Victoria's Secret & Company<sup>(a)</sup> | 43335 |
| 233 | Williams-Sonoma, Inc. | 47683 |
|  |  | 416694 |
|  | **RETAIL REIT - 0.8%** |  |
| 790 | Regency Centers Corporation | 57567 |
|  | **SEMICONDUCTORS - 1.9%** |  |
| 274 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 64864 |
| 1686 | Power Integrations, Inc. | 77455 |
|  |  | 142319 |
|  | **SOFTWARE - 4.5%** |  |
| 2121 | Clear Secure, Inc., Class A | 69187 |
| 232 | HubSpot, Inc.<sup>(a)</sup> | 64960 |
| 1102 | Life360, Inc.<sup>(a)</sup> | 63134 |
| 6712 | PagerDuty, Inc.<sup>(a)</sup> | 71147 |
| 920 | Workiva, Inc.<sup>(a)</sup> | 70858 |
|  |  | 339286 |
|  | **STEEL - 0.6%** |  |
| 128 | Reliance, Inc. | 42176 |
|  | **TECHNOLOGY HARDWARE - 3.8%** |  |
| 550 | Arista Networks, Inc.<sup>(a)</sup> | 77958 |
| 2437 | Clearfield, Inc.<sup>(a)</sup> | 72549 |
| 1176 | Flex Ltd.<sup>(a)</sup> | 74135 |
| 4389 | NextNav, Inc.<sup>(a)</sup> | 63026 |
|  |  | 287668 |
|  | **TECHNOLOGY SERVICES - 6.5%** |  |
| 267 | Accenture PLC, Class A | 70392 |
| 182 | Automatic Data Processing, Inc. | 44921 |
| 595 | CDW Corporation | 75202 |
| 1027 | Fidelity National Information Services, Inc. | 56742 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **HYPATIA WOMEN CEO ETF** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **January 31, 2026** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 100.1% (Continued)** |  |
|  | **TECHNOLOGY SERVICES - 6.5% (Continued)** |  |
| 908 | Insight Enterprises, Inc.<sup>(a)</sup> | $76289 |
| 647 | Parsons Corporation<sup>(a)</sup> | 45329 |
| 117 | S&P Global, Inc. | 61751 |
| 389 | WEX, Inc.<sup>(a)</sup> | 59867 |
|  |  | 490493 |
|  | **TELECOMMUNICATIONS - 0.7%** |  |
| 5641 | Lumen Technologies, Inc.<sup>(a)</sup> | 49754 |
|  | **TRANSPORTATION & LOGISTICS - 2.9%** |  |
| 1395 | International Seaways, Inc. | 83212 |
| 227 | JB Hunt Transport Services, Inc. | 46017 |
| 8908 | JetBlue Airways Corporation<sup>(a)</sup> | 43382 |
| 436 | United Parcel Service, Inc., Class B | 46312 |
|  |  | 218923 |
|  | **TRANSPORTATION EQUIPMENT - 1.9%** |  |
| 83 | Cummins, Inc. | 48042 |
| 929 | Greenbrier Companies, Inc. (The) | 46840 |
| 1739 | Trinity Industries, Inc. | 49979 |
|  |  | 144861 |
|  | **TOTAL COMMON STOCKS (Cost $7,003,279)** | 7510911 |
|  | **RIGHTS — 0.0%** |  |
|  | **MEDICAL EQUIPMENT & DEVICES - 0.0%** |  |
| 71 | Blueprint Medicines Corporation – CVR (Cost $-)<sup>(a)</sup> |  |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $7,003,279)** | $7510911 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (6370) |
|  | **NET ASSETS - 100.0%** | $7504541 |

---

---

| | |
|:---|:---|
| Ltd. | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |

---

<sup>(a)</sup> Non-income producing security.

See accompanying notes to financial statements.

---

| |
|:---|
| **Hypatia Women CEO ETF** |
| **Statement of Assets and Liabilities (Unaudited)** |
| **January 31, 2026** |

---

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Securities, at cost | $7003279 |
| &nbsp;&nbsp;&nbsp;Securities, at fair value | $7510911 |
| &nbsp;&nbsp;&nbsp;Cash | 14050 |
| &nbsp;&nbsp;&nbsp;Receivable for securities sold | 547614 |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares | 342559 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 3237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | **8418371** |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 555610 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed | 341124 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 17096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 913830 |
| **NET ASSETS** | $**7504541** |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $7526656 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (22115) |
| **NET ASSETS** | $**7504541** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | **220000** |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share | $**34.11** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Hypatia Women CEO ETF** |
| **Statement of Operations (Unaudited)** |
| **For the Six Months Ended January 31, 2026** |

---

---

| | |
|:---|:---|
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Income | $51566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Income | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 51751 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 25483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody overdraft fees | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 25594 |
| **NET INVESTMENT INCOME** | 26157 |
| **REALIZED AND UNREALIZED GAIN/(LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (237008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 589153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gain from investments | 352145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investments | 304693 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 656838 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**682995** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Hypatia Women CEO ETF** |
| **Statements of Changes in Net Assets** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended**<br>**January 31, 2026**<br>**(Unaudited)** | **For the Year Ended**<br>**July 31,**<br>**2025** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $26157 | $34611 |
| &nbsp;&nbsp;&nbsp;Net realized gain from investments | 352145 | 207895 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) of investments | 304693 | (245237) |
| Net increase/(decrease) in net assets resulting from operations | 682995 | (2731) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid | (40147) | (34762) |
| Net decrease in net assets resulting from distributions to shareholders | (40147) | (34762) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 3987154 | 4898501 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (2302763) | (3079481) |
| Net increase in net assets from shares of beneficial interest | 1684391 | 1819020 |
| **TOTAL INCREASE IN NET ASSETS** | 2327239 | 1781527 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year/Period | 5177302 | 3395775 |
| &nbsp;&nbsp;&nbsp;End of Year/Period | $**7504541** | $**5177302** |
| **SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 120000 | 160000 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (70000) | (100000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares of beneficial interest outstanding | 50000 | 60000 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Hypatia Women CEO ETF** |
| **Financial Highlights** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year/Period |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended**<br>**January 31, 2026**<br>**(Unaudited)** | **Year Ended**<br>**July 31,**<br>**2025** | **Year Ended**<br>**July 31,**<br>**2024** | **Period\* Ended**<br>**July 31,**<br>**2023** |
| Net asset value, beginning of year/period | $30.45 | $30.87 | $27.39 | $25.54 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.14 | 0.25 | 0.30 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 3.73 | (0.40) | 3.44 | 1.67 |
| Total from investment operations | 3.87 | (0.15) | 3.74 | 1.85 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.27) | (0.26) |  |
| Total distributions | (0.21) | (0.27) | (0.26) |  |
| Net asset value, end of year/period | $34.11 | $30.45 | $30.87 | $27.39 |
| Market price, end of year/period | $34.11 | $30.43 | $30.88 | $27.37 |
| Total return (2) | 12.73% | (0.48)% (3) | 13.75% | 7.24% |
| Market price total return | 12.81% | (0.58)% | 13.87% | 7.17% |
| Net assets, end of year/period (000's) | $7505 | $5177 | $3396 | $2739 |
| Ratio of expenses to average net assets | 0.85% (4) | 0.85% | 0.85% | 0.85% (4) |
| Ratio of net investment income |  |  |  |  |
| to average net assets | 0.87% (4) | 0.84% | 1.11% | 1.26% (4) |
| Portfolio Turnover Rate (5) | 22% (6) | 91% | 77% | 51% (6) |

---

\* The inception date of Hypatia Women CEO ETF was January 6, 2023. Commencement of investment operations was January 9, 2023.

(1) Per share amounts calculated using
 the average shares method, which more appropriately presents the per share data for the year/period.

(2) Calculated based on Net Asset Value.
 Total returns shown are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions,
 if any. Total returns for periods of less than one year are not annualized.

(3) Includes a reimbursement from an affiliate
 for a trading error. Without this reimbursement, the total return would have been (0.55)%.

(4) Annualized.

(5) Portfolio turnover rate excludes securities
 received or delivered from in kind transactions.

(6) Not annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **Hypatia Women CEO ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)** |
| **January 31, 2026** |

---

**1.** **ORGANIZATION** 

The Hypatia Women CEO ETF (the "Fund") is a series of shares of beneficial interest of the Two Roads Shared Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware on June 8, 2012, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end management investment company. The investment objective of the Fund is to provide capital appreciation.

**2.** **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services – Investment Companies" including FASB Accounting Standard Update ASU 2013-08.

Operating Segments - An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Trust. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**Security Valuation –** Securities, including exchange traded funds, listed on an exchange are valued at the last quoted sale price at the close of the regular trading session of the exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale such securities shall be valued at mean between the last bid and ask prices on the day of valuation. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value.

The Fund may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued using the "fair value" procedures approved by the Board of Trustees (the "Board"). The Board has appointed the Fund's Adviser as its valuation designee (the "Valuation Designee") for all fair value determinations and responsibilities other than overseeing pricing service providers used by the Trust, including the Fund. This designation is subject to Board oversight and certain reporting and other requirements designed to facilitate the Board's ability effectively to oversee the designee's fair value determinations. The Valuation Designee may also enlist third party consultants such as a valuation specialist at a public accounting firm, a valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures approved by the Board.

*Fair Valuation Process* – The applicable investments are valued by the Valuation Designee pursuant to valuation procedures approved by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness

---

| |
|:---|
| **Hypatia Women CEO ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **January 31, 2026** |

---

of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to the Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

The Fund utilizes various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1** – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

**Level 2** – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

**Level 3 –** Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

---

| |
|:---|
| **Hypatia Women CEO ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **January 31, 2026** |

---

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the inputs used as of January 31, 2026 for the Fund's investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets \*** | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $7510911 | $— | $— | $7510911 |
| Rights |  |  |  |  |
| Total Investments | $7510911 | $— | $— | $7510911 |

---

\* Please refer to the Fund's Schedule of Investments for industry classifications.

As of January 31, 2026, level 3 contingent value rights represented 0.0% of the Fund's net assets. A reconciliation of level 3 investments, including certain disclosures related to significant inputs used in valuing level 3 investments, is therefore excluded.

**Security Transactions and Investment Income –** Investment security transactions are accounted for on a trade date basis. Cost is determined and gains and losses are based upon the specific identification method for both financial statement and federal income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Purchase discounts and premiums on securities are accreted and amortized over the life of the respective securities.

**Federal Income Taxes** – It is the Fund's policy to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code (the "Code") that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision has been recorded.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for the open tax years ended July 31, 2023-July 31, 2024, or expected to be taken in the Fund's July 31, 2025 tax returns. The Fund identifies its major tax jurisdictions as U.S. Federal, Ohio and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably expected that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Fund did not incur any interest or penalties. Generally, tax authorities can examine tax returns filed for three years.

**Distributions to Shareholders –** Distributions from net investment income and net realized capital gains, if any, are declared and paid annually and are recorded on the ex-dividend date. The character of income and gains to be distributed is determined in accordance with income tax regulations, which may differ from GAAP.

**Indemnification –** The Trust indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts that contain a variety of representations and warranties and which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund expects the risk of loss due to these warranties and indemnities to be remote.

---

| |
|:---|
| **Hypatia Women CEO ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **January 31, 2026** |

---

**3.** **PRINCIPAL INVESTMENT RISKS** 

The Fund's investments in securities and financial instruments expose it to various risks, certain of which are discussed below. The Fund's prospectus and statement of additional information include further information regarding the risks associated with the Fund's investments which include, but are not limited to: active trading risk, authorized participant concentration risk, cash redemption risk, cybersecurity risk, ETF structure risk, equity securities risk, fluctuation of net asset value risk, foreign exposure risk, gap risk, geographic risk, index risk, information technology sector risk, large-cap and mega-cap securities risk, liquidity risk, management risk, market events risk, market risk, micro-cap companies risk, new adviser risk, new fund risk, non-correlation risk, portfolio turnover risk, REITs risk, regulatory risk, sector risk, securities lending risk, small- and mid-cap securities risk, valuation risk, volatility risk, and women CEO risk.

*Market Risk.* Overall market risk may affect the value of individual instruments in which the Fund invests. The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively affect the Fund's performance. Factors such as domestic and foreign (non-U.S.) economic growth and market conditions, real or perceived adverse economic or political conditions, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, changes in interest rate levels, supply chain disruptions, sanctions, tariffs, the spread of infectious illness or other public health threats, lack of liquidity in the bond and other markets, volatility in the securities markets, adverse investor sentiment and political events affect the securities markets. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future. Securities markets also may experience long periods of decline in value. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

Local, state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments and could result in decreases to the Fund's net asset value. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related events and governments' reactions to such events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or indirect effects on the Fund and its investments. For example, a widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect Fund performance. A health crisis may exacerbate other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.

*Market Events Risk.* There has been increased volatility, depressed valuations, decreased liquidity and heightened uncertainty in the financial markets during the past several years, including what was experienced in 2020. These conditions may continue, recur, worsen or spread. The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken steps to support financial markets, including by lowering interest rates to historically low levels. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. The U.S government and the Federal Reserve may, conversely, reduce market support activities, including by increasing interest rates. Such reductions, including interest rate increases, could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the Fund invests. Policy and legislative changes in the United States and in other countries may also contribute to decreased liquidity and increased volatility in the financial markets. The impact of these influences on the markets, and the practical implications for market participants, may not be fully known for some time.

*ETF Structure Risks.* The Fund is structured as an ETF and as a result is subject to special risks. Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as "Creation Units." An investor may incur brokerage costs purchasing enough shares to constitute a Creation Unit. Trading in shares on the exchange on which the Fund is listed may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in

---

| |
|:---|
| **Hypatia Women CEO ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **January 31, 2026** |

---

shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the exchange. An active trading market for the Fund's shares may not be developed or maintained. If the Fund's shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund's shares. The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. Shares may trade at a discount or premium to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to NAV, the shareholder may sustain losses if the shares are sold at a price that is less than the price paid by the shareholder for the shares. There may be times when the market price and the NAV vary significantly. For example, in times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of the Fund's shares and the Fund's NAV. When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for the Fund's shares is open, there may be changes from the last quote of the closed market and the quote from the Fund's domestic trading day, which could lead to differences between the market value of the Fund's shares and the Fund's NAV. In stressed market conditions, the market for the Fund's shares may become less liquid in response to the deteriorating liquidity of the Fund's portfolio. This adverse effect on the liquidity of the Fund's shares may, in turn, lead to differences between the market value of the Fund's shares and the Fund's NAV.

*Equity Securities Risk.* The stock (i.e., equity) market can be volatile. Equity securities are susceptible to general market fluctuations, volatile increases and decreases in value as market confidence in and perceptions of their issuers change and unexpected trading activity among retail investors. The prices of stocks can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

*Small- and Mid-Cap Securities Risk:* The stocks of small and medium capitalization companies involve substantial risk. The earnings and prospects of small and medium sized companies are more volatile than larger companies and may experience higher failure rates than larger companies. Small and medium sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures. Small and medium-sized companies typically have less experienced management, limited markets, narrower product lines, more limited financial resources, and less publicly available information than larger companies. Stocks of these companies may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.

*Large- and Mega-Cap Securities Risk.* The securities of large - and mega-capitalization companies may underperform other segments of the market because such companies may be less responsive to competitive challenges and opportunities, such as changes in technology and consumer tastes. Large- and mega-market capitalization companies may be unable to attain or maintain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

*Non-Correlation Risk.* The performance of the Fund and of the Hypatia Women CEO Index (the "Index") may vary for a variety of reasons, including that the Fund may not always hold the same securities, or may not hold such securities in the same proportions or weightings, as the Index. Although the Fund will seek to maintain risk characteristics that the Adviser believes are generally similar to those of the Index, it is possible that the Fund's performance may not correlate with the performance of the Index.

*Women CEO Risk.* The returns on a portfolio of securities that excludes companies that are not led by female Chief Executive Officers or that do not have an Executive Chairperson or Chairperson who is female, may trail the returns on a portfolio of securities that includes such companies. Investing only in a portfolio of securities that are led by female Chief Executive Officers or that have an Executive Chairperson or Chairperson who is female may affect the Fund's exposure to certain types of investments and may adversely impact the Fund's performance depending on whether such investments are in or out of favor in the market.

---

| |
|:---|
| **Hypatia Women CEO ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **January 31, 2026** |

---

*Geographic Risk.* The risk that if the Fund invests a significant portion of its total assets in certain issuers within the same geographic region, an adverse economic, business or political development or natural or other event, including war, terrorism, natural and environmental disasters, epidemics, pandemics and other public health crises, affecting that region may affect the value of the Fund's investments more than if the investments were not so focused.

*Index Risk.* Because the Fund invests primarily in components of the Index, the Fund's investments are subject to the risks associated with changes to the Index. The Fund will be negatively affected by general declines in the securities and asset classes represented in the Index. Market disruptions and regulatory restrictions could have an adverse effect on the Fund's ability to adjust its exposure to closely follow the Index. The Index Calculation Agent relies on third party data it believes to be reliable in constructing the Index, but it does not guarantee the accuracy or availability of any such third party data, and there is also no guarantee with respect to the accuracy, availability or timeliness of the production of the Index. In addition, the Fund is actively managed and does not track the Index and the Adviser's investment approach may not produce the desired results and may cause the Fund to underperform the Index. In addition, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. These risks may be heightened during times of market volatility or other unusual market conditions.

*Micro-Cap Companies Risk.* Investments in micro-cap companies will be subject to the same risks as investments in small-cap companies. In addition, the securities of micro-cap companies may be particularly volatile in price, and such securities have significantly lower trading volumes than small-cap companies. As a result, the purchase or sale of more than a limited number of shares may affect its market price. Micro-cap companies may not have much publicly available information relative to larger companies. Micro-cap companies may have limited markets, financial resources, or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments relative to larger companies.

*New Adviser Risk.* The Adviser has not previously managed an exchange-traded fund. Accordingly, investors in the Fund bear the risk that the Adviser's inexperience may limit its effectiveness.

*Sector Risk.* If the Fund invests a significant portion of its total assets in certain issuers within the same economic sector, there is a risk that an adverse economic, business or political development or natural or other event, including war, terrorism, natural and environmental disasters, epidemics, pandemics and other public health crises, affecting that sector may affect the value of the Fund's investments more than if the Fund's investments were not so focused. While the Fund may not concentrate in any one industry, the Fund may invest without limitation in a particular sector.

*Volatility Risk:* The Fund's investments may appreciate or decrease significantly in value over short periods of time. The value of an investment in the Fund's portfolio may fluctuate due to events or factors that affect markets generally or that affect a particular investment, industry or sector. The value of an investment in the Fund's portfolio may also be more volatile than the market as a whole. This volatility may affect the Fund's net asset value per share, including by causing it to experience significant increases or declines in value over short periods of time. Events or financial circumstances affecting individual investments, industries or sectors may increase the volatility of the Fund.

---

| |
|:---|
| **Hypatia Women CEO ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **January 31, 2026** |

---

**4.** **INVESTMENT TRANSACTIONS** 

The cost of purchases and proceeds from the sale of securities, other than short-term securities and in-kind transactions, for the six months ended January 31, 2026, amounted to $1,403,917 and $1,917,182, respectively. The cost of purchases and proceeds from the sale of securities for in-kind transactions, for the six months ended January 31, 2026, amounted to $3,963,570 and $1,790,101, respectively.

**5.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

**Advisory Fees –** Hypatia Capital Management LLC serves as the Fund's investment adviser (the "Adviser"). Subject to the supervision of the Board, the Adviser is responsible for managing the Fund's investments, executing transactions and providing related administrative services and facilities under an investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the "Advisory Agreement"). Under the terms of the Advisory Agreement, the Adviser receives monthly fees calculated at an annual rate of 0.85% of the average daily net assets of the Fund. The Fund's management fee is a "unitary" fee that includes all operating expenses payable by a Fund, except for brokerage fees and commissions, taxes, borrowing costs (such as dividend expenses on securities sold short and interest), fees and expenses of other investment companies in which a Fund may invest, and such extraordinary or non-recurring expenses as may arise, including litigation expenses. For the six months ended January 31, 2026, the Fund incurred advisory fees in the amount of $25,483.

The Adviser has engaged Vident Advisory, LLC (the "Sub-Adviser") to serve as the Fund's sub-adviser. Under the supervision of the Adviser, the Sub-Adviser is responsible for trading portfolio securities for the Fund in accordance with instructions provided by the Adviser, and selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser. As compensation for the sub-advisory services the Sub-Adviser provides to the Fund, the Adviser will pay the Sub-Adviser 0.05% on the first $250 million in assets, 0.045% on the next $250 million in assets, and 0.04% on all assets exceeding $500 million, subject to an annual minimum of $29,000, pursuant to a sub-advisory agreement between the Adviser and Sub-Adviser with respect to the Fund (the "Sub-Advisory Agreement"). The fee paid to the Sub-Adviser by the Adviser will be paid from the Adviser's management fee and is not an additional cost to the Fund.

The Trust, with respect to the Fund, has adopted a distribution and service plan ("Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund is authorized to pay distribution fees to Northern Lights Distributors, LLC (the "Distributor") and other firms that provide distribution and shareholder services ("Service Providers").

No distribution or service fees are currently paid by the Fund, and there are no current plans to impose these fees. In the event Rule 12b-1 fees were charged, over time they would increase the cost of an investment in the Fund.

In addition, certain affiliates of the Distributor provide services to the Fund as follows:

<u>Ultimus Fund Solutions, LLC ("UFS")</u>, an affiliate of the Distributor, provides administration and fund accounting services to the Trust. Pursuant to separate servicing agreements with UFS, the Adviser pays UFS customary fees for providing administration and fund accounting services to the Fund. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Fund or Adviser for serving in such capacities.

<u>Northern Lights Compliance Services, LLC ("NLCS")</u>, an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Adviser.

<u>BluGiant, LLC ("BluGiant"),</u> an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, BluGiant receives customary fees from the Adviser.

---

| |
|:---|
| **Hypatia Women CEO ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **January 31, 2026** |

---

**6.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

The identified cost of investments in securities owned by the Fund for federal income tax purposes, and their respective gross unrealized appreciation and depreciation at January 31, 2026, were as follows:

---

| | |
|:---|:---|
| Cost for Federal Tax purposes | $7120936 |
| Unrealized Appreciation | $664444 |
| Unrealized Depreciation | (274469) |
| Tax Net Unrealized Appreciation | $389975 |

---

**7.** **TAX COMPONENTS OF CAPITAL** 

The tax character of Fund distributions paid for the fiscal year ended July 31, 2025, and July 31, 2024, were as follows:

---

| | | |
|:---|:---|:---|
|  | Fiscal Year Ended<br> July 31, 2025 | Fiscal Year Ended<br> July 31, 2024 |
| Ordinary Income | $34762 | $28677 |
| Long-Term Capital Gain |  |  |
| Return of Capital |  |  |
|  | $34762 | $28677 |

---

As of July 31, 2025, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Undistributed | Undistributed | Post October Loss | Capital Loss | Other | Unrealized | Total |
| Ordinary | Long-Term | and | Carry | Book/Tax | Appreciation/ | Distributable Earnings/ |
| Income | Gains | Late Year Loss | Forwards | Differences | (Depreciation) | (Accumulated Deficit) |
| $17153 | $— | $(437141) | $(330257) | $— | $85282 | $(664963) |

---

The difference between book basis and tax basis undistributed net investment income/(loss), accumulated net realized gain/(loss), and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales and C-Corporation return of capital distributions.

Capital losses incurred after October 31 within the fiscal period are deemed to arise on the first business day of the following fiscal year for tax purposes. The Fund incurred and elected to defer such capital losses of $437,141.

At July 31, 2025, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains, as follows:

---

| | | | |
|:---|:---|:---|:---|
| Short-Term | Long-Term | Total | CLCF Utilized |
| $269418 | $60839 | $330257 | $— |

---

---

| |
|:---|
| **Hypatia Women CEO ETF** |
| **NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued)** |
| **January 31, 2026** |

---

Permanent book and tax differences, primarily attributable to tax adjustments for realized gain (loss) on in-kind redemptions, resulted in reclassifications for the Fund for the fiscal year ended July 31, 2025, as follows:

---

| | |
|:---|:---|
| Paid In | Accumulated |
| Capital | Deficit |
| $681317 | $(681317) |

---

**8.** **CAPITAL SHARE TRANSACTIONS** 

Shares are not individually redeemable and may be redeemed by the Fund at net asset value only in large blocks known as "Creation Units." Shares are created and redeemed by the Fund only in Creation Unit size aggregations of 10,000 shares. Only Authorized Participants are permitted to purchase or redeem Creation Units from the Fund. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company ("DTC") participant and, in each case, must have executed a Participant Agreement with the Distributor. Such transactions are generally permitted on an in-kind basis, with a balancing cash component to equate the transaction to the net asset value per share of the Fund on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery, not eligible for trading by the Authorized Participant or as a result of other market circumstances. In addition, the Fund may impose transaction fees on purchases and redemptions of Fund shares to cover the custodial and other costs incurred by the Fund in effecting trades. A fixed fee may be imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction ("Fixed Fee"). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu are required to pay an additional variable charge to compensate the Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions ("Variable Charge," and together with the Fixed Fee, the "Transaction Fees"). Transactions in capital shares for the Fund are disclosed in the Statements of Changes in Net Assets. For the six months ended January 31, 2026, the Fund received $2,500 in fixed fees. For the six months ended January 31, 2026, the Fund received $0 in variable fees.

The Transaction Fees for the Fund are listed in the table below:

---

| | |
|:---|:---|
| <br>**Fixed Fee for In-Kind and Cash Purchases** | **Maximum Additional Variable Charge**<br>**for Cash Purchases** |
| $500 | 2.00%\* |

---

\* As a percentage of the amount invested.

**9.** **NEW ACCOUNTING PRONOUNCEMENTS** 

In December 2023, the FASB issued Accounting Standards Update 2023 -09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

**10.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

---

| |
|:---|
| **Hypatia Women CEO ETF** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| **January 31, 2026** |

---

**Changes in and Disagreements with Accountants** 

Not applicable

**Proxy Disclosures**

Not applicable

**Remuneration Paid to Directors, Officers and Others** 

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

**Hypatia Capital Management LLC and Vident Advisory, LLC for the Hypatia Women CEO ETF**

At a meeting held on December 11, 2025 (the "Meeting"), the Board of Trustees (the "Board") of Two Roads Shared Trust (the "Trust"), each of whom is not an "interested person" of the Trust (the "Independent Trustees" or the "Trustees"), as such term is defined under Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act"), considered the renewal of (i) the investment advisory agreement (the "Advisory Agreement") between Hypatia Capital Management LLC ("Hypatia" or the "Adviser") and the Trust, on behalf of the Hypatia Women CEO ETF (the "Hypatia ETF" or the "Fund") and (ii) the proposed investment sub-advisory agreement (the "Sub-Advisory Agreement" and together with the Advisory Agreement, the "Agreements") among Vident Advisory, LLC ("Vident" or the "Sub-Adviser"), the Adviser and the Trust, on behalf of the Hypatia ETF.

In connection with the Board's consideration of the Advisory Agreement and the Sub-Advisory Agreement, the Board received written materials in advance of the Meeting, which included information regarding: (i) the nature, extent, and quality of services provided to the Hypatia ETF by the Adviser and the Sub-Adviser; (ii) a description of the Adviser's and the Sub-Adviser's investment management and other personnel; (iii) an overview of the Adviser's and the Sub-Adviser's respective operations and financial condition; (iv) a description of the Adviser's and the Sub-Adviser's brokerage practices (including any soft dollar arrangements); (v) a comparison of the Fund's advisory fee and estimated overall expenses with those of comparable mutual funds; (vi) the level of profitability from the Adviser's and the Sub-Adviser's fund-related operations; (vii) the Adviser's and the Sub-Adviser's compliance policies and procedures, including policies and procedures for personal securities transactions, business continuity and information security and (viii) information regarding the performance record of the Fund as compared to other mutual funds with similar investment strategies.

Throughout the process, including at the meeting, the Board had numerous opportunities to ask questions of and request additional materials and information from Hypatia and Vident. The Board was advised by, and met in executive sessions with, the Board's independent legal counsel, and received a memorandum from such independent counsel regarding its responsibilities under applicable law. The Board also noted that the evaluation process with respect to the Adviser and the Sub-Adviser is an ongoing one and that in this regard, the Board took into account discussions with

---

| |
|:---|
| **Hypatia Women CEO ETF** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **January 31, 2026** |

---

management and information provided to the Board at and between prior meetings with respect to the services provided by the Adviser and Sub-Adviser, including quarterly performance reports prepared by management containing reviews of investment results and prior presentations from the Adviser and the Sub-Adviser. The Board also took into account information furnished by Vident, and the factors considered by the Board, at the June 10, 2025 Meeting at which the Board approved the Sub-Advisory Agreement, including any updates thereto provided by Vident. The Board noted that the information received and considered by the Board in connection with the Meeting and throughout the year was both written and oral.

Matters considered by the Board in connection with its approval of the Advisory Agreement and Sub-Advisory Agreement with respect to the Hypatia ETF included, among others, the following:

*Nature, Extent and Quality of Services.* The Board reviewed materials provided by Hypatia related to the Advisory Agreement with respect to the Fund, including: the Advisory Agreement; a description of the manner in which investment decisions are made and executed; an overview of the personnel that perform services for the Fund and their background and experience; a review of the financial condition of the Adviser; information regarding risk management processes and liquidity management; the compliance policies and procedures of the Adviser, including its business continuity and cybersecurity policies and a code of ethics that contained provisions reasonably necessary to prevent Access Persons, as that term is defined in Rule 17j-1 under the 1940 Act, from engaging in conduct prohibited by Rule 17j-1(b); information regarding Hypatia's compliance and regulatory history; and an independent report prepared by Broadridge, an independent third party data provider, analyzing the fees and expenses of the Fund as compared to those of a peer group (the "Peer Group") of other registered investment companies with similar investment strategies as selected by Broadridge.

The Board also noted that on a regular basis it received and reviewed information from the Trust's CCO regarding the Fund's compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act, which included evaluating the regulatory compliance systems of the Adviser. The Board noted the Trust's CCO's analysis that Hypatia's compliance, risk management, and associated policies appeared to be operating effectively overall and that its policies and procedures were reasonably designed to prevent violations of federal securities laws. The Board also considered information with respect to the effectiveness of the Adviser's cybersecurity and business continuity policies and procedures. The Board also considered the significant risks assumed by Hypatia in connection with the services provided to the Fund, including entrepreneurial risk and ongoing risks including investment, operational, enterprise, litigation, regulatory, and compliance risks with respect to the Fund.

The Board also considered that Hypatia acts as the investment adviser to the Fund and retains Vident to provide trading-related investment advice and services for the Fund. The Board considered the oversight and supervisory role performed by Hypatia with respect to Vident and Vident's specific role and noted that Hypatia provided overall management and oversight of the Fund's operations and expenses, competitor analysis, and compliance and operational support, among other services provided to the Fund.

---

| |
|:---|
| **Hypatia Women CEO ETF** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **January 31, 2026** |

---

In considering the nature, extent and quality of services provided by the Adviser, the Board also took into account its knowledge, acquired through discussions and reports during the preceding year, of Hypatia's management and the quality of the performance of their duties. The Board concluded that Hypatia had sufficient quality and depth of personnel and the skills, experience, and sophistication necessary to perform its duties under the Advisory Agreement and that the nature, extent, and overall quality of the services provided by Hypatia with respect to the Fund were satisfactory and reliable.

The Board reviewed materials provided by Vident related to the Sub-Advisory Agreement with the Trust with respect to the Fund, including: the Sub-Advisory Agreement; a description of Vident's trading process; an overview of the personnel that would perform services for the Fund and their background and experience; a summary of the financial condition of the Sub-Adviser; the Sub-Adviser's compliance policies and procedures, including its business continuity and cybersecurity policies and a code of ethics containing provisions reasonably necessary to prevent Access Persons, as that term is defined in Rule 17j-1 under the 1940 Act, from engaging in conduct prohibited by Rule 17j-1(b); information regarding risk management processes and liquidity management; an annual review of the operation of the Sub-Adviser's compliance program; and information regarding the Sub-Adviser's compliance and regulatory history.

The Board noted that the information received from the Trust's CCO regarding the Fund's compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act included evaluations of the regulatory compliance systems of the Sub-Adviser. The Board noted the analysis by the Trust's CCO that the Sub-Adviser's compliance, risk management, and associated policies appeared to be operating effectively and that its policies and procedures were reasonably designed to prevent violations of federal securities laws.

In considering the nature, extent, and quality of the services provided by Vident in its capacity as a sub-adviser, the Board took into account its knowledge of Vident's management and the quality of the performance of its duties as a sub-adviser, acquired through discussions and reports during the preceding year and in past years. The Board concluded that the management of Vident had sufficient quality and depth of personnel, resources, investment and trading methodologies, and compliance policies and procedures to perform their duties and that the nature, overall quality, and extent of the services to be provided by Vident with respect to the Fund were satisfactory and reliable.

*Performance*. In considering the Fund's performance, the Board noted that it reviews information about the Fund's performance results at its regularly scheduled meetings. Among other data, the Board considered the Fund's performance as compared to a benchmark index and against the performance of its Peer Group and Morningstar category. The Board noted that while it found the data provided by the independent third-party generally useful, it recognized the data's limitations, including in particular that data may vary depending on the date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group. The Board considered that Hypatia, the investment adviser of the Fund, rather than Vident, is responsible for the overall performance of the Fund. The Board also received discount/premium information with respect to the Fund.

---

| |
|:---|
| **Hypatia Women CEO ETF** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **January 31, 2026** |

---

The Board considered, among other performance data, the performance of the Fund for the one-year and since inception periods ended September 30, 2025, as compared to the Fund's Peer Group, its Morningstar category, and its benchmark index. The Board considered that the Fund had underperformed the median of each of its Peer Group and Morningstar category and a benchmark index for the one-year and since inception periods. The Board took into account Hypatia's discussion of the Fund's performance and noted the Fund's overall improved performance, as well as its risk-adjusted return. The Board also noted that Hypatia was actively monitoring the performance of the Fund.

The Board also took into account the relatively short performance history of the Fund. The Board noted the Fund's tracking error relative to the Hypatia Women CEO Index (the "Index") and that the performance of the Index and the Fund may vary because, among other things, the Fund may not always hold the same securities or may not hold such securities in the same proportions or weightings, as the Index. The Board concluded that while any underperformance was being monitored, the overall performance was consistent with the investment strategy as described in the prospectus.

*Fees and Expenses*. Regarding the costs of the services provided by each of Hypatia and Vident with respect to the Fund, the Board considered, among other expense data, a comparison prepared by Broadridge of the Fund's unitary fee and net operating expense ratio to those of the funds within the Peer Group and to the Fund's Morningstar category. The Board noted that, while it found the data provided by the independent third-party generally useful, it recognized its limitations, including that there were potential differences in the investment strategies of the Fund relative to the funds in its Peer Group and in the level, quality, and nature of the services provided by Hypatia with respect to the Fund as compared with the level, quality, and nature of the services provided by the advisers to the funds in the Peer Group with respect to those funds.

The Board noted that, with respect to the Fund, Hypatia's unitary fee was higher than the median management fee and median net expenses of its Peer Group and higher than the median management fee and median net expenses of its Morningstar category although not the highest. The Board took into account that the Adviser had agreed to a unitary fee whereby it pays most of the Fund's operating expenses, including the Fund's sub-advisory fee, exclusive of brokerage fees and commissions, taxes, borrowing costs (such as dividend expense on securities sold short and interest), fees, and expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation. The Board also took into account the allocation of a portion of the unitary fee to Vident and that the Adviser did not manage any other funds or accounts. The Board also considered the amount of the unitary fee retained by Hypatia, if any, and the services to be provided with respect to the Fund by Hypatia and Vident.

Based on the factors above, the Board concluded that the unitary advisory fee with respect to the Fund was not unreasonable.

With respect to the sub-advisory fees relating to the Fund, the Board considered that the Fund pays a unitary fee to Hypatia and that, in turn, Hypatia pays a portion of its fee to Vident. The Board noted that the sub-advisory fee rate had been negotiated between Hypatia and Vident at arms'-length, as well as the comparatively overall low level of the sub-advisory fee. In considering the level of the

---

| |
|:---|
| **Hypatia Women CEO ETF** |
| **ADDITIONAL INFORMATION (Unaudited)(Continued)** |
| **January 31, 2026** |

---

Fund's sub-advisory fee, the Board also noted that Vident indicated that it does not manage any other accounts with a similar investment strategy. Based on the factors above, the Board concluded that the sub-advisory fee with respect to the Fund was not unreasonable.

*Profitability*. The Board considered the profitability of each of Hypatia and Vident with respect to the Fund and whether these profits were reasonable in light of the services provided to the Fund. The Board reviewed profitability analyses prepared by Hypatia and Vident and considered the total profits of each of Hypatia and Vident, respectively, from its relationship with the Fund, if any. The Board concluded that each of Hypatia's and Vident's profitability, if any, from its relationship with the Fund, after taking into account a reasonable allocation of costs, was not excessive.

*Economies of Scale*. The Board considered whether Hypatia or Vident would realize economies of scale with respect to the advisory or sub-advisory services provided to the Fund and whether fee levels reflected these economies of scale for the benefit of shareholders. The Board considered the profitability analyses included in the Board Materials and noted that the expenses of managing the Fund as a percentage of assets under management were expected to decrease as the Fund's assets grew. The Board noted that the sub-advisory fee included breakpoints. The Board concluded that at the Fund's current asset levels, economies of scale were not a consideration at this time and that it would revisit whether economies of scale exist in the future once the Fund had achieved sufficient size.

*Other Benefits*. The Board also considered the character and amount of other direct and incidental benefits to be received by Hypatia or Vident from its association with the Fund. The Board considered that neither Hypatia nor Vident believed it would receive any other direct, indirect, or ancillary material "fall-out" benefits from its relationship with the Fund, other than certain reputational benefits that may result from the relationship. The Board concluded that any such benefits are reasonable.

*Conclusion*. The Board, having requested and received such information from each of Hypatia and Vident as it believed reasonably necessary to evaluate the terms of the Advisory Agreement and Sub-Advisory Agreement with respect to the Fund and having been advised by independent counsel that it had appropriately considered and weighed all relevant factors, determined that approval of the Advisory Agreement and Sub-Advisory Agreement with respect to the Fund for an additional one-year term was in the best interests of the Fund and its shareholders.

In considering the renewal of the Advisory Agreement and Sub-Advisory Agreement with respect to the Fund, the Board considered a variety of factors, including those discussed above, and also considered other factors, including conditions and trends prevailing generally in the economy, the securities markets, and the industry. The Board did not identify any one factor as determinative, and each Independent Trustee may have weighed each factor differently. The Board's conclusions may be based in part on its consideration of the advisory arrangements in prior years and on the Board's ongoing regular review of Fund performance and operations throughout the year.

---

| |
|:---|
| **INVESTMENT ADVISER** |
| Hypatia Capital Management LLC |
| 430 Park Avenue, 19<sup>th</sup> Floor |
| New York, NY 10022 |
| **SUB-ADVISER** |
| Vident Advisory, LLC |
| 1125 Sanctuary Parkway, Suite 515 |
| Alpharetta, GA 30009 |
| **ADMINISTRATOR** |
| Ultimus Fund Solutions, LLC |
| 4221 North 203rd Street, Suite 100 |
| Elkhorn, NE 68022 |

---

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.**

None

**Item 16. Controls and Procedures.**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**Item 19. Exhibits.**

(a)(1) [Code of Ethics for Principal Executive and Senior Financial Officers.](coe.htm)

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto](ex99-cert.htm).

(a)(4) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](ex99-906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Two Roads Shared Trust

---

| |
|:---|
| /s/ James Colantino |
| By James Colantino |
| Principal Executive Officer, |
| Date: 4/7/2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following person on behalf of the registrant and in the capacities and on the date indicated.

---

| |
|:---|
| /s/ James Colantino |
| By James Colantino |
| Principal Executive Officer |
| Date: 4/7/2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following person on behalf of the registrant and in the capacities and on the date indicated.

---

| |
|:---|
| /s/ Laura Szalyga |
| By Laura Szalyga |
| Principal Financial Officer |
| Date: 4/7/2026 |

---

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, James Colantino, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Hypatia Women CEO ETF (a series of Two Roads
 Shared Trust (the "registrant"));

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 4/7/2026 | /s/ James Colantino |
|  | James Colantino |
|  | Principal Executive Officer |

---

**Certification** [Exhibit 99. CERT]

I, Laura Szalyga, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of the Hypatia Women CEO ETF (a series of Two Roads
 Shared Trust (the "registrant"));

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing the
 equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: 4/7/2026 | /s/ Laura Szalyga |
|  | Laura Szalyga |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**CERTIFICATION**

Jim Colantino, Principal Executive Officer, and Laura Szalyga, Principal Financial Officer of Two Roads Shared Trust (the "Registrant"), each certify to the best of his/her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended January 31, 2026 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer | Principal Executive Officer | Principal Financial Officer | Principal Financial Officer |
| Two Roads Shared Trust | Two Roads Shared Trust | Two Roads Shared Trust | Two Roads Shared Trust |
| /s/ Jim Colantino | /s/ Jim Colantino | /s/ Laura Szalyga | /s/ Laura Szalyga |
| Jim Colantino | Jim Colantino | Laura Szalyga | Laura Szalyga |
| Date: | 4/7/2026 | Date: | 4/7/2026 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Two Roads Shared Trust and will be retained by Two Roads Shared Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**Attachment 8.G(3)**

**TWO ROADS SHARED TRUST**

**CODE OF ETHICS FOR SENIOR OFFICERS**

<u>Preamble</u>

Section 406 of the Sarbanes-Oxley Act of 2002 directs that rules be adopted disclosing whether a company has a code of ethics for senior financial officers. The U.S. Securities and Exchange Commission (the "SEC") has adopted rules requiring annual disclosure of an investment company's code of ethics applicable to the company's principal executive as well as principal financial officers, if such a code has been adopted. In response, Two Roads Shared Trust (the "Trust") have adopted this Code of Ethics (the "Code").

<u>Statement of Policy</u>

It is the obligation of the Trust's senior officers to provide full, fair, timely, and comprehensible disclosure, financial and otherwise, to Trust shareholders, regulatory authorities, and the general public. In fulfilling that obligation, senior officers must act ethically, honestly, and diligently. This Code is intended to enunciate guidelines to be followed by persons who serve the Trust in senior officer positions. No Code of Ethics can address every situation that a senior officer might face; however, as a guiding principle, senior officers should strive to implement the spirit as well as the letter of applicable laws, rules, and regulations, and to provide the type of clear and complete disclosure and information Trust shareholders have a right to expect.

The purpose of this Code of Ethics is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Trust, to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit such conduct or activities. This Code supplements other policies that the Trust and its adviser have adopted or may adopt in the future with which Trust officers are also required to comply (e.g., code of ethics relating to personal trading and conduct).

<u>Covered Persons</u>

This Code of Ethics applies to those persons appointed by the Trust's Board of Trustees as Chief Executive Officer, President, Chief Financial Officer, and Chief Accounting Officer, or persons performing similar functions.

<u>Promotion of Honest and Ethical Conduct</u>

In serving as an officer of the Trust, each Covered Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to the Trust, whether directly or indirectly, to do the same.

Each Covered Person understands that as an officer of the Trust, he has a duty to act in the best interests of the Trust and their shareholders. The interests of the Covered Person's personal interests should not be allowed to compromise the Covered Person from fulfilling his duties as an officer of the Trust.

If a Covered Person believes that his personal interests are likely to materially compromise his objectivity or his ability to perform the duties of his role as an officer of the Trust, he should consult with the Trust's chief legal officer or outside counsel. Under appropriate circumstances, a Covered Person should also consider whether to present the matter to the Trustees of the Trust or a committee thereof.

No Covered Person shall suggest that any person providing, or soliciting to be retained to provide, services to the Trust give a gift or an economic benefit of any kind to him in connection with the person's retention or the provision of services.

<u>Promotion of Full, Fair, Accurate, Timely and Understandable Disclosure</u>

No Covered Person shall create or further the creation of false or misleading information in any SEC filing or report to Trust shareholders. No Covered Person shall conceal or fail to disclose information within the Covered Person's possession legally required to be disclosed or necessary to make the disclosure made not misleading. If a Covered Person shall become aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Trust counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate.

Each Covered Person, consistent with his responsibilities, shall exercise appropriate supervision over, and shall assist, Trust service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner. Each Covered Person shall use his best efforts within his area of expertise to assure that Trust reports reveal, rather than conceal, the Trust' financial condition.

Each Covered Person shall seek to obtain additional resources if he believes that available resources are inadequate to enable the Trust to provide full, fair, and accurate financial information and other disclosure to regulators and Trust shareholders.

Each Covered Person shall inquire of other Trust officers and service providers, as appropriate, to assure that information provided is accurate and complete and presented in an understandable format using comprehensible language.

Each Covered Person shall diligently perform his services to the Trust, so that information can be gathered and assessed early enough to facilitate timely filings and issuance of reports and required certifications.

<u>Promotion of Compliance with Applicable Government Laws, Rules and Regulations</u>

Each Covered Person shall become and remain knowledgeable concerning the laws and regulations relating to the Trust and their operations and shall act with competence and due care in serving as an officer of the Trust. Each Covered Person with specific responsibility for financial statement disclosure will become and remain knowledgeable concerning relevant auditing standards, generally accepted accounting principles, FASB pronouncements and other accounting and tax literature and developments.

Each Covered Person shall devote sufficient time to fulfilling his responsibilities to the Trust.

Each Covered Person shall cooperate with the Trust's independent auditors, regulatory agencies, and internal auditors in their review or inspection of the Trust and their operations.

No Covered Person shall knowingly violate any law or regulation relating to the Trust or its operations or seek to illegally circumvent any such law or regulation.

No Covered Person shall engage in any conduct involving dishonesty, fraud, deceit, or misrepresentation involving the Trust or their operations.

<u>Promoting Prompt Internal Reporting of Violations</u>

Each Covered Person shall promptly report his own violations of this Code and violations by other Covered Persons of which he is aware to the Chairman of the Trust's Audit Committee.

Any requests for a waiver from or an amendment to this Code shall be made to the Chairman of the Trust's Audit Committee. All waivers and amendments shall be disclosed as required by law.

<u>Sanctions</u>

Failure to comply with this Code will subject the violator to appropriate sanctions, which will vary based on the nature and severity of the violation. Such sanctions may include censure, suspension, or termination of position as an officer of the Trust. Sanctions shall be imposed by the Trust's Audit Committee, subject to review by the entire Board of Trustees of the Trust.

Each Covered Person shall be required to certify annually whether he has complied with this Code.

<u>No Rights Created</u>

This Code of Ethics is a statement of certain fundamental principles, policies, and procedures that govern the Trust's senior officers in the conduct of the Trust's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder, or any other person or entity.

<u>Recordkeeping</u>

The Trust will maintain and preserve for a period of not less than six years from the date such action is taken, the first two years in an easily accessible place, a copy of the information or materials supplied to the Board (i) that provided the basis for any amendment or waiver to this Code and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

<u>Amendments</u>

The Trustees will make and approve such changes to this Code of Ethics as they deem necessary or appropriate to effectuate the purposes of this Code.

**<u>CODE OF ETHICS FOR SENIOR OFFICERS</u>**

**I HEREBY CERTIFY THAT:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) I have read and I understand the Code of Ethics for Senior Officers adopted by the Two Roads
Trust (the "Code of Ethics");

&nbsp;&nbsp;&nbsp;&nbsp;(2) I recognize that I am subject to the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;(3) I have complied with the requirements of the Code of Ethics during the calendar year ending
December 31, ; and

&nbsp;&nbsp;&nbsp;&nbsp;(4) I have reported all violations of the Code of Ethics required to be reported pursuant to the requirements
of the Code during the calendar year ending December 31, .

Set forth below exceptions to items (3) and (4), if any:

________________________________________________________________________________________________

________________________________________________________________________________________________

________________________________________________________________________________________________

________________________________________________________________________________________________

________________________________________________________________________________________________

________________________________________________________________________________________________

Signature: ____________________________________

Name (please print): _____________________________

Date: ________________________________________