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Trending ETFs

Name

As of 04/24/2024

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

LeaderShares® Equity Skew ETF

SQEW | Active ETF

$31.43

$125 M

1.17%

$0.37

0.83%

Vitals

YTD Return

0.7%

1 yr return

13.0%

3 Yr Avg Return

-1.3%

5 Yr Avg Return

N/A

Net Assets

$125 M

Holdings in Top 10

76.3%

52 WEEK LOW AND HIGH

$31.5
$27.34
$32.82

Expenses

OPERATING FEES

Expense Ratio 0.83%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 58.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 04/24/2024

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

LeaderShares® Equity Skew ETF

SQEW | Active ETF

$31.43

$125 M

1.17%

$0.37

0.83%

SQEW - Profile

Distributions

  • YTD Total Return 0.7%
  • 3 Yr Annualized Total Return -1.3%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.80%
DIVIDENDS
  • Dividend Yield 1.2%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    LeaderShares® Equity Skew ETF
  • Fund Family Name
    LeaderShares
  • Inception Date
    May 11, 2020
  • Shares Outstanding
    3725000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Michael Cheung

Fund Description

The Fund is an actively managed exchange traded fund (“ETF”) that normally invests at least 80% of its net assets, including any borrowings for investment purposes, in equity securities. The Fund defines equity securities to include investments in other investment companies, such as ETFs, that invest primarily in equity securities. The Fund employs a contrarian strategy seeking to buy underperforming asset classes and/or factors and sell outperforming asset classes and/or factors based on quantitative research. The primary equity style exposure and factors are large cap growth, large cap value, small cap growth, small cap value, and emerging market equities. The weightings to these equity style exposures represented by equity securities, are determined using proprietary quantitative methodologies that include statistical skew. Skew or skewness measures the asymmetry of a return distribution between different constituents in a group. Measuring the skewness allows the Adviser to take five groups of stocks (Large Cap Growth, Large Cap Value, Small Cap Growth, Small Cap Value and Emerging Markets) and determine the relative weightings of each of these five groups based on how recent returns of such group fits into its historical distribution of returns. This measure of skewness generally leads to security groups that have recently outperformed to have reduced exposure and security groups that have recently underperformed to have increased exposure at each re-balance. The Fund will invest in equity securities with a market capitalization of at least $1 billion.

The Fund may have a higher degree of portfolio turnover than funds that seek to replicate the performance of an index. The Fund may engage in active and frequent trading.

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SQEW - Performance

Return Ranking - Trailing

Period SQEW Return Category Return Low Category Return High Rank in Category (%)
YTD 0.7% -13.2% 18.5% 90.93%
1 Yr 13.0% -3.5% 42.5% 75.82%
3 Yr -1.3%* -22.6% 15.9% 93.48%
5 Yr N/A* -1.5% 19.9% 50.28%
10 Yr N/A* 2.2% 12.7% 50.82%

* Annualized

Return Ranking - Calendar

Period SQEW Return Category Return Low Category Return High Rank in Category (%)
2023 12.6% -12.9% 28.8% 52.76%
2022 -21.1% -52.6% 20.1% 64.62%
2021 9.9% -43.8% 32.4% 55.97%
2020 N/A -10.6% 82.1% N/A
2019 N/A -8.5% 37.5% N/A

Total Return Ranking - Trailing

Period SQEW Return Category Return Low Category Return High Rank in Category (%)
YTD 0.7% -13.2% 18.5% 90.93%
1 Yr 13.0% -3.5% 42.5% 75.82%
3 Yr -1.3%* -22.6% 15.9% 93.48%
5 Yr N/A* -1.5% 19.9% N/A
10 Yr N/A* 2.2% 12.7% N/A

* Annualized

Total Return Ranking - Calendar

Period SQEW Return Category Return Low Category Return High Rank in Category (%)
2023 14.0% 1.2% 31.3% 64.64%
2022 -20.8% -45.7% 21.1% 86.91%
2021 19.6% -30.2% 52.8% 84.09%
2020 N/A -8.4% 84.3% N/A
2019 N/A 1.0% 43.4% N/A

SQEW - Holdings

Concentration Analysis

SQEW Category Low Category High SQEW % Rank
Net Assets 125 M 728 K 160 B 76.96%
Number of Holdings 155 1 2609 37.13%
Net Assets in Top 10 93 M 155 K 11.7 B 46.88%
Weighting of Top 10 76.25% 3.4% 100.0% 1.09%

Top 10 Holdings

  1. SPDR SP 600 SMALL CAP VA 26.63%
  2. SPDR SP 600 SMALL CAP GR 19.59%
  3. SPDR PORTFOLIO SP 500 GR 14.56%
  4. VANGUARD FTSE EMERGING MA 9.71%
  5. BERKSHIRE HATH-B 1.44%
  6. BBH SWEEP VEHICLE 1.04%
  7. JPMORGAN CHASE 1.03%
  8. EXXON MOBIL CORP 0.87%
  9. JOHNSONJOHNSON 0.79%
  10. UNITEDHEALTH GRP 0.60%

Asset Allocation

Weighting Return Low Return High SQEW % Rank
Stocks
98.95% 14.60% 104.46% 46.07%
Cash
1.05% 0.00% 30.96% 58.54%
Preferred Stocks
0.00% 0.00% 14.30% 34.96%
Other
0.00% -1.04% 23.02% 50.95%
Convertible Bonds
0.00% 0.00% 1.78% 34.96%
Bonds
0.00% 0.00% 62.14% 39.02%

Stock Sector Breakdown

Weighting Return Low Return High SQEW % Rank
Technology
19.40% 0.00% 40.65% 17.12%
Financial Services
16.13% 0.00% 46.10% 22.01%
Industrials
12.09% 0.00% 45.89% 84.78%
Consumer Cyclical
11.87% 2.49% 46.48% 63.04%
Healthcare
10.46% 0.00% 24.06% 46.20%
Real Estate
6.03% 0.00% 25.82% 65.49%
Energy
5.88% 0.00% 58.13% 39.95%
Communication Services
5.40% 0.00% 30.98% 7.88%
Basic Materials
5.35% 0.00% 16.35% 55.98%
Consumer Defense
5.26% 0.00% 32.18% 23.64%
Utilities
2.13% 0.00% 18.97% 75.27%

Stock Geographic Breakdown

Weighting Return Low Return High SQEW % Rank
US
98.95% 14.60% 104.46% 40.65%
Non US
0.00% 0.00% 19.95% 44.99%

SQEW - Expenses

Operational Fees

SQEW Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.83% 0.03% 35.91% 66.94%
Management Fee 0.75% 0.00% 1.50% 70.03%
12b-1 Fee 0.00% 0.00% 1.00% 10.23%
Administrative Fee N/A 0.01% 0.30% N/A

Sales Fees

SQEW 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

SQEW 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.

SQEW Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 58.00% 0.00% 304.00% 66.06%

SQEW - Distributions

Dividend Yield Analysis

SQEW Category Low Category High SQEW % Rank
Dividend Yield 1.17% 0.00% 30.24% 47.70%

Dividend Distribution Analysis

SQEW Category Low Category High Category Mod
Dividend Distribution Frequency None Annual Quarterly Annual

Net Income Ratio Analysis

SQEW Category Low Category High SQEW % Rank
Net Income Ratio 0.80% -2.06% 3.38% 26.70%

Capital Gain Distribution Analysis

SQEW Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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SQEW - Fund Manager Analysis

Managers

Michael Cheung


Start Date

Tenure

Tenure Rank

May 12, 2020

2.05

2.1%

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

May 12, 2020

2.05

2.1%

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

May 12, 2020

2.05

2.1%

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
0.25 38.44 7.24 5.78