Leatherback Long/Short Alternative Yield ETF
$25.89−0.19 (−0.73%)
- Expense ratio
- 1.27%
- Fund size
- $17M
- 1Y return
- +10.6%
- Yield · Last 12 months
- 3.81%
- Volume · 30D
- 0M sh
- NAV per share
- $26.00
- 52W range
The ETF.net LBAY Grade
Score 32 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.DScore 34Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.DScore 29Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.FScore 12Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.CScore 54Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.CScore 42Category rank
Our read on LBAY
DA hedge-fund-style equity book in ETF clothing: LBAY buys companies returning cash to shareholders through dividends, buybacks and debt paydowns, shorts names it expects to fall, stays net long, and pays monthly.
The Fund seeks capital appreciation and income through an actively managed long/short equity strategy.
Why people hold it
- Long book targets sustainable shareholder yield (dividends plus buybacks plus debt paydowns); the short sleeve targets expected decliners. Net exposure generally runs 75% to 110% long.sec.gov
- At least 80% of net assets sit in income producers that are not traditional bonds, so the income comes from corporate cash flows rather than a coupon.sec.gov
- Pays monthly, with capital gains distributed at least annually, inside a daily-priced 1940 Act fund: no lockups, no hedge-fund minimums. Actively run since its 2020 launch.
Worth knowing
- The 1.27% expense ratio sits at the pricey end of the alternatives shelf, where peers such as QALT and RNMN charge less, and short positions add borrow costs on top.
- Small fund, light trading. Spreads can run wider than at heavily traded alternatives ETFs, so entry and exit prices matter more here.
- Non-diversified and net long by design: positions can get concentrated, and the short sleeve is built to cushion market drops, not cancel them out.sec.gov
LBAY Holdings
- Other
- —
- 58%
- First American Government Obligations Fund 12/01/2031
Sectors
Geography
LBAY Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | LBAY |
|---|---|
| Year to date | +10.2% |
| 1 month | −6.7% |
| 3 months | +7.0% |
| 1 year | +10.6% |
| 3 years | +3.2% |
| 5 years | +6.1% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | LBAY |
|---|---|---|
| 2026 YTD | +10.2% | |
| 2025 | +4.1% | |
| 2024 | −3.5% | |
| 2023 | −8.5% | |
| 2022 | +22.4% | |
| 2021 | +22.3% | |
| 2020 | +4.6% |
LBAY in the news
ETF.net Research hasn’t filed on LBAY yet — coverage lands here as it’s written.
LBAY Dividends
- 3.81%
- $0.99
- $0.09 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Aug 28, 2026 | Aug 31, 2026 | $0.09 |
| Jul 30, 2026 | Jul 31, 2026 | $0.09 |
| Jun 29, 2026 | Jun 30, 2026 | $0.09 |
| May 28, 2026 | May 29, 2026 | $0.09 |
| Apr 28, 2026 | Apr 29, 2026 | $0.09 |
| Mar 26, 2026 | Mar 27, 2026 | $0.09 |
| Feb 24, 2026 | Feb 25, 2026 | $0.09 |
| Jan 27, 2026 | Jan 29, 2026 | $0.09 |
| Dec 26, 2025 | Dec 29, 2025 | $0.09 |
| Nov 25, 2025 | Nov 26, 2025 | $0.08 |
| Oct 27, 2025 | Oct 28, 2025 | $0.08 |
| Sep 25, 2025 | Sep 26, 2025 | $0.08 |
LBAY Risk
- 14.6%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.12
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −16.0%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.06
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
LBAY Cost
- The middle half of Alternative Strategies funds
- Median 1.00%
17 of the 29 Alternative Strategies funds charge less.