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Trending ETFs

Name

As of 12/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$41.26

$161 M

0.00%

0.75%

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

$41.0
$33.90
$44.24

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 12/24/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$41.26

$161 M

0.00%

0.75%

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%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    LeaderSharesTM AlphaFactor® US Core Equity ETF
  • Fund Family Name
    Redwood
  • Inception Date
    Oct 01, 2018
  • Shares Outstanding
    4400000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michael Cheung

Fund Description

The Fund seeks to replicate the Adviser’s 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 Fund’s 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.

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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

  1. LAZARD INC 1.23%
  2. EAGLE MATERIALS 1.18%
  3. TOLL BROTHERS 1.17%
  4. PULTEGROUP INC 1.14%
  5. AUTONATION INC 1.13%
  6. AFFIL MANAGERS 1.13%
  7. UNITED RENTALS 1.12%
  8. LENNAR CORP-A 1.12%
  9. F5 INC 1.12%
  10. 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

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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