LeaderSharesTM AlphaFactor® US Core Equity ETF
Name
As of 12/24/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
20.2%
1 yr return
19.3%
3 Yr Avg Return
7.1%
5 Yr Avg Return
9.6%
Net Assets
$161 M
Holdings in Top 10
11.4%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.75%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 177.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 12/24/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
LSAF - Profile
Distributions
- YTD Total Return 20.2%
- 3 Yr Annualized Total Return 7.1%
- 5 Yr Annualized Total Return 9.6%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 0.35%
- Dividend Yield 0.0%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameLeaderSharesTM AlphaFactor® US Core Equity ETF
-
Fund Family NameRedwood
-
Inception DateOct 01, 2018
-
Shares Outstanding4400000
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMichael Cheung
Fund Description
The Fund seeks to replicate the Advisers proprietary index, the AlphaFactor® US Core Equity Index (the Index). The Index utilizes a quantitative rules-based investment methodology that applies a multi-factor ranking process and is focused on the largest 1,000 U.S. common stocks based on market capitalization. Companies within this group of top 1,000 market capitalization may be considered large or mid-cap companies. As of February 22, 2024, the market capitalization range of this universe of companies is between $362 million and over $3 trillion. Due to future market fluctuations, the market capitalization of this universe may be lower or higher at any given time. The methodology selects stocks based on a number of characteristics that include, but are not limited to, net share count reduction, free cash flow growth, and debt/asset ratios. The final selection of stocks is based on market characteristics including, but not limited to, liquidity and market capitalization.
Under normal circumstances, at least 80% of the Funds net assets, including any borrowings for investment purposes, will be invested in a diversified portfolio of equity securities of U.S. common stocks included in the Index. The Fund may also invest up to 20% of its assets in securities and other instruments not included in its Index but which the Adviser believes will help the Fund track its Index.
As of December 31, 2023, the Index was comprised of one hundred issuers. It is rebalanced to equal weight and reconstituted on a quarterly basis. The composition of the Index will change over time.
The Fund uses as its index calculation agent Solactive, AG (Calculation Agent), an organization that is independent of the Fund and the Adviser. The Adviser determines the composition and relative weightings of the securities in the Index and the Calculation Agent publishes information regarding the market value of the Index.
The Fund uses a passive or indexing approach to attempt to approximate the investment performance of the Index by investing in a portfolio of securities that generally replicates the Index. The Fund may concentrate its investments in certain sectors, which may include the information technology sector, industrials sector, consumer discretionary sector, and financials sector, to the extent that the Index concentrates in such sectors.
LSAF - Performance
Return Ranking - Trailing
Period | LSAF Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 20.2% | -5.3% | 38.6% | 8.22% |
1 Yr | 19.3% | -6.6% | 37.7% | 12.46% |
3 Yr | 7.1%* | -17.9% | 23.9% | 15.52% |
5 Yr | 9.6%* | -1.4% | 24.0% | 54.77% |
10 Yr | N/A* | 2.1% | 13.0% | 59.02% |
* Annualized
Return Ranking - Calendar
Period | LSAF Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 14.5% | -12.9% | 28.8% | 39.38% |
2022 | -14.0% | -52.6% | 20.1% | 15.43% |
2021 | 22.3% | -43.8% | 32.4% | 18.37% |
2020 | 6.2% | -10.6% | 82.1% | 71.30% |
2019 | 27.4% | -8.5% | 37.5% | 18.91% |
Total Return Ranking - Trailing
Period | LSAF Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 20.2% | -5.3% | 38.6% | 8.22% |
1 Yr | 19.3% | -6.6% | 37.7% | 12.46% |
3 Yr | 7.1%* | -17.9% | 23.9% | 15.52% |
5 Yr | 9.6%* | -1.4% | 24.0% | 54.77% |
10 Yr | N/A* | 2.1% | 13.0% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | LSAF Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 15.5% | 1.2% | 31.3% | 54.39% |
2022 | -13.1% | -45.7% | 21.1% | 28.29% |
2021 | 22.7% | -30.2% | 52.8% | 62.68% |
2020 | 6.9% | -8.4% | 84.3% | 89.12% |
2019 | 28.3% | 1.0% | 43.4% | 41.03% |
LSAF - Holdings
Concentration Analysis
LSAF | Category Low | Category High | LSAF % Rank | |
---|---|---|---|---|
Net Assets | 161 M | 728 K | 175 B | 72.11% |
Number of Holdings | 101 | 1 | 2780 | 45.07% |
Net Assets in Top 10 | 17.3 M | 402 K | 15.4 B | 84.79% |
Weighting of Top 10 | 11.45% | 0.5% | 100.0% | 74.58% |
Top 10 Holdings
- LAZARD INC 1.23%
- EAGLE MATERIALS 1.18%
- TOLL BROTHERS 1.17%
- PULTEGROUP INC 1.14%
- AUTONATION INC 1.13%
- AFFIL MANAGERS 1.13%
- UNITED RENTALS 1.12%
- LENNAR CORP-A 1.12%
- F5 INC 1.12%
- ALLISON TRANSMIS 1.11%
Asset Allocation
Weighting | Return Low | Return High | LSAF % Rank | |
---|---|---|---|---|
Stocks | 99.11% | 0.85% | 100.25% | 35.77% |
Cash | 0.91% | 0.00% | 99.04% | 68.17% |
Preferred Stocks | 0.00% | 0.00% | 11.12% | 84.23% |
Other | 0.00% | -0.03% | 38.10% | 85.63% |
Convertible Bonds | 0.00% | 0.00% | 1.78% | 83.94% |
Bonds | 0.00% | 0.00% | 72.71% | 84.51% |
Stock Sector Breakdown
Weighting | Return Low | Return High | LSAF % Rank | |
---|---|---|---|---|
Financial Services | 25.67% | 0.00% | 46.10% | 3.11% |
Consumer Cyclical | 20.23% | 2.49% | 46.48% | 6.21% |
Industrials | 12.71% | 0.00% | 45.89% | 79.38% |
Basic Materials | 12.13% | 0.00% | 16.35% | 1.69% |
Technology | 8.52% | 0.00% | 40.65% | 94.35% |
Energy | 7.20% | 0.00% | 58.13% | 23.16% |
Healthcare | 5.87% | 0.00% | 24.06% | 92.09% |
Consumer Defense | 3.79% | 0.00% | 32.18% | 61.02% |
Communication Services | 1.87% | 0.00% | 30.98% | 60.73% |
Utilities | 1.17% | 0.00% | 18.97% | 81.36% |
Real Estate | 0.84% | 0.00% | 25.82% | 88.98% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | LSAF % Rank | |
---|---|---|---|---|
US | 99.11% | 0.85% | 100.25% | 33.80% |
Non US | 0.00% | 0.00% | 10.11% | 86.76% |
LSAF - Expenses
Operational Fees
LSAF Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.75% | 0.03% | 19.40% | 71.39% |
Management Fee | 0.75% | 0.00% | 1.50% | 77.05% |
12b-1 Fee | 0.00% | 0.00% | 1.00% | 17.47% |
Administrative Fee | N/A | 0.01% | 0.30% | N/A |
Sales Fees
LSAF Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 3.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
LSAF Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
LSAF Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 177.00% | 0.00% | 304.00% | 98.73% |
LSAF - Distributions
Dividend Yield Analysis
LSAF | Category Low | Category High | LSAF % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | 0.00% | 29.78% | 57.75% |
Dividend Distribution Analysis
LSAF | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annual | Quarterly | Annual |
Net Income Ratio Analysis
LSAF | Category Low | Category High | LSAF % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.35% | -2.06% | 3.38% | 50.99% |
Capital Gain Distribution Analysis
LSAF | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Semi-Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 20, 2024 | $0.172 | OrdinaryDividend |
Dec 20, 2023 | $0.291 | OrdinaryDividend |
Dec 21, 2022 | $0.102 | OrdinaryDividend |
Sep 23, 2022 | $0.065 | OrdinaryDividend |
Jun 23, 2022 | $0.069 | OrdinaryDividend |
Mar 24, 2022 | $0.054 | OrdinaryDividend |
Dec 21, 2021 | $0.065 | OrdinaryDividend |
Sep 24, 2021 | $0.022 | OrdinaryDividend |
Jun 25, 2021 | $0.025 | OrdinaryDividend |
Mar 25, 2021 | $0.019 | OrdinaryDividend |
Dec 21, 2020 | $0.033 | OrdinaryDividend |
Sep 25, 2020 | $0.030 | OrdinaryDividend |
Jun 25, 2020 | $0.048 | OrdinaryDividend |
Mar 25, 2020 | $0.040 | OrdinaryDividend |
Dec 20, 2019 | $0.060 | OrdinaryDividend |
Sep 25, 2019 | $0.043 | OrdinaryDividend |
Jun 25, 2019 | $0.043 | OrdinaryDividend |
Mar 28, 2019 | $0.046 | OrdinaryDividend |
Dec 27, 2018 | $0.042 | OrdinaryDividend |
LSAF - Fund Manager Analysis
Managers
Michael Cheung
Start Date
Tenure
Tenure Rank
Oct 01, 2018
3.67
3.7%
Michael is a Portfolio Manager and Head of Quantitative Research at Redwood Investment Management. Michael works closely with the firm’s founder and President in overseeing the development, implementation, and live risk management of Redwood’s investment strategies. He leads the quantitative research effort including other members of the quantitative analyst team, and is responsible for proprietary investment model algorithm design and maintenance. Michael brings extensive experience working with a variety of programming languages and database structures, as well as broad knowledge of capital markets, global macro, and quantitative analysis, from his prior experience as a head trader on a proprietary equities trading desk. In addition, Michael was also formerly the head of a statistical arbitrage strategy that traded across multiple asset classes. He studied quantitative economics and mathematics at the University of California, Irvine.
Richard Duff
Start Date
Tenure
Tenure Rank
Oct 01, 2018
3.67
3.7%
Richard is President of Redwood Investment Management, with two decades of senior investment management experience including portfolio management and distribution as well as company strategy and product development in both large and small firms. Richard is responsible for overseeing Redwood’s investment solutions, from initial ideation to final implementation and risk management, distribution team development and management, and is a portfolio manager of two Redwood AlphaFactor® equity funds. Richard began his career as Senior Investment Officer at Pacific Income Advisers where he was a member of the equity strategy team utilizing quantitative screening in equity portfolio management. Later Richard was a Managing Director at BlackRock, where he was a member of the Equity Operating Committee and the AMG Executive Team. Richard’s BlackRock experience included managing a 100+ member team with a nine figure P&L, turning around the firm’s closed end fund franchise including the successful launch of BlackRock’s first equity strategy closed end funds, and leading the integration of the largest retained group in BlackRock’s first investment management firm acquisition. Richard received his BA from the University of California, Berkeley, attended Washington and Lee University, School of Law and received his JD from University of San Francisco, School of Law.
Michael Messinger
Start Date
Tenure
Tenure Rank
Oct 01, 2018
3.67
3.7%
After years of personal research while working with talented investors and “allocators” in the leveraged finance ecosystem, Michael founded Redwood in 2010 as a quantitative research based money management firm with a “RiskFirst™” mandate. The initial tactical fixed-income strategy, Defensive Credit, formed the quantitative research foundation that led to the launch of Redwood’s 5-Star Morningstar rated Mutual Fund, the Redwood Managed Risk Plus L.P. hedge fund, as well as the Multi-Sector Managed Risk, and Systematic Macro Trend (SMarT) strategies. Since then, Michael has expanded Redwood’s capabilities, with additions of talented professionals, to provide tactical and strategic beta investment solutions that include Redwood’s AlphaFactor® equity strategies, fixed-income, and alternatives, as well as Redwood’s Dynamic Risk-Budget Model asset allocation portfolios. Michael is responsible for overseeing the development, implementation, and live risk management of Redwood’s investment strategies. Prior to Redwood, Michael served as a Vice President for Riversource Investments, (now known as Columbia Management), worked in multiple roles at ING investment management, and began his career as an Analyst at UBS. He received his B.S in Finance from the University of Arizona in Tucson.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.25 | 38.44 | 7.3 | 5.78 |