LeaderShares® AlphaFactor® Tactical Focused ETF
Name
As of 03/27/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
12.0%
1 yr return
27.9%
3 Yr Avg Return
7.6%
5 Yr Avg Return
N/A
Net Assets
$143 M
Holdings in Top 10
100.0%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.99%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 03/27/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
LSAT - Profile
Distributions
- YTD Total Return 12.0%
- 3 Yr Annualized Total Return 7.6%
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 1.7%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameLeaderShares® AlphaFactor® Tactical Focused ETF
-
Fund Family NameN/A
-
Inception DateOct 26, 2020
-
Shares OutstandingN/A
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerMichael Cheung
Fund Description
The Fund is an actively managed exchange-traded fund (ETF) that employs an investment approach that utilizes a quantitative factor-based investment methodology focused on U.S. equities. The Adviser selects stocks based on a number of characteristics that include, but are not limited to, net share count reduction, free cash flow growth, dividend yield, volatility and debt/asset ratios. The final selection of stocks is based on market characteristics including, but not limited to, liquidity and market capitalization. The Fund expects the average daily trading volume of shares in companies being selected to be in excess of 400,000 shares per day at the time of purchase, however average daily trading volume may change due to market fluctuations. In addition, the Fund expects the market capitalization of the companies in which it invests to be $1 billion and greater, however this could change due to market fluctuations. The Fund will typically be invested in a diversified portfolio of equity securities of companies with market capitalizations of at least $1 billion at the time of initial purchase. The Adviser employs a multi-factor tactical risk management overlay that seeks to identify periods of above average risk. At times identified by the Adviser as above average risk, the Fund may exit positions in equity securities and become comprised primarily of money market instruments such as treasury bills, certificates of deposit and commercial paper and other short-term instruments, and money market funds, or U.S. government bonds. Such investments can either be direct or through investments in other investment companies, including exchange-traded funds (ETFs). In identifying a time as above average risk, the Fund will consider multiple factors including negative market performance and negative market technical indicators such as advance versus decline breadth, as well as a proprietary set of supply and demand and economic factors.
The Fund may focus its investments in a particular sector, industry or group of industries.
The Fund may engage in active and frequent trading.
LSAT - Performance
Return Ranking - Trailing
Period | LSAT Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 12.0% | -16.6% | 13.4% | 92.98% |
1 Yr | 27.9% | -34.1% | 14.1% | 32.15% |
3 Yr | 7.6%* | -15.1% | 91.2% | N/A |
5 Yr | N/A* | -16.0% | 41.0% | N/A |
10 Yr | N/A* | -7.1% | 21.5% | N/A |
* Annualized
Return Ranking - Calendar
Period | LSAT Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 11.6% | -56.4% | 42.6% | 4.07% |
2022 | -13.3% | -23.5% | 23.2% | N/A |
2021 | 20.8% | -8.6% | 93.7% | N/A |
2020 | N/A | -27.7% | 7.8% | N/A |
2019 | N/A | -8.2% | 11.3% | N/A |
Total Return Ranking - Trailing
Period | LSAT Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 12.0% | -19.0% | 13.4% | 99.25% |
1 Yr | 27.9% | -34.1% | 56.5% | 33.42% |
3 Yr | 7.6%* | -15.1% | 91.2% | N/A |
5 Yr | N/A* | -14.5% | 41.0% | N/A |
10 Yr | N/A* | -2.9% | 22.6% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | LSAT Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 13.7% | -56.4% | 42.6% | 4.31% |
2022 | -13.0% | -23.5% | 23.2% | N/A |
2021 | 25.0% | -8.6% | 93.7% | N/A |
2020 | N/A | -27.7% | 7.8% | N/A |
2019 | N/A | -7.2% | 14.7% | N/A |
LSAT - Holdings
Concentration Analysis
LSAT | Category Low | Category High | LSAT % Rank | |
---|---|---|---|---|
Net Assets | 143 M | 504 K | 30.4 B | 79.40% |
Number of Holdings | 2 | 9 | 2354 | 96.56% |
Net Assets in Top 10 | 187 M | 2.87 K | 9.16 B | 71.01% |
Weighting of Top 10 | 100.03% | 5.3% | 99.9% | 10.32% |
Top 10 Holdings
- B 01/25/24 98.73%
- BBH SWEEP VEHICLE 1.30%
Asset Allocation
Weighting | Return Low | Return High | LSAT % Rank | |
---|---|---|---|---|
Bonds | 98.73% | 0.00% | 4.65% | 57.00% |
Cash | 1.30% | -0.65% | 14.30% | 61.67% |
Stocks | 0.00% | 85.69% | 100.65% | 37.35% |
Preferred Stocks | 0.00% | 0.00% | 5.42% | 55.77% |
Other | 0.00% | 0.00% | 5.56% | 55.53% |
Convertible Bonds | 0.00% | 0.00% | 0.02% | 55.28% |
Bond Sector Breakdown
Weighting | Return Low | Return High | LSAT % Rank | |
---|---|---|---|---|
Cash & Equivalents | 1.30% | 0.00% | 100.00% | 48.06% |
Derivative | 0.00% | 0.00% | 2.08% | 53.89% |
Securitized | 0.00% | 0.00% | 22.78% | 54.72% |
Corporate | 0.00% | 0.00% | 100.00% | 56.67% |
Municipal | 0.00% | 0.00% | 0.00% | 53.61% |
Government | 0.00% | 0.00% | 100.00% | 55.28% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | LSAT % Rank | |
---|---|---|---|---|
US | 98.73% | 0.00% | 4.65% | 57.00% |
Non US | 0.00% | 0.00% | 0.07% | 55.28% |
LSAT - Expenses
Operational Fees
LSAT Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.99% | 0.01% | 2.78% | 41.73% |
Management Fee | 0.99% | 0.00% | 1.20% | 97.77% |
12b-1 Fee | N/A | 0.00% | 1.00% | 15.35% |
Administrative Fee | N/A | 0.01% | 0.40% | N/A |
Sales Fees
LSAT Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 0.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
LSAT 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.
LSAT Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 227.00% | 83.01% |
LSAT - Distributions
Dividend Yield Analysis
LSAT | Category Low | Category High | LSAT % Rank | |
---|---|---|---|---|
Dividend Yield | 1.65% | 0.00% | 9.46% | 1.47% |
Dividend Distribution Analysis
LSAT | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annually | Quarterly | Annually |
Net Income Ratio Analysis
LSAT | Category Low | Category High | LSAT % Rank | |
---|---|---|---|---|
Net Income Ratio | N/A | -1.84% | 4.73% | 14.54% |
Capital Gain Distribution Analysis
LSAT | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 26, 2023 | $0.638 | OrdinaryDividend |
Dec 28, 2022 | $0.111 | OrdinaryDividend |
Dec 28, 2021 | $1.225 | OrdinaryDividend |
Dec 28, 2020 | $0.090 | OrdinaryDividend |
LSAT - Fund Manager Analysis
Managers
Michael Cheung
Start Date
Tenure
Tenure Rank
Oct 26, 2020
1.59
1.6%
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.
Michael Messinger
Start Date
Tenure
Tenure Rank
Oct 26, 2020
1.59
1.6%
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.
Richard Duff
Start Date
Tenure
Tenure Rank
Oct 26, 2020
1.59
1.6%
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.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 35.59 | 8.52 | 10.92 |