Leatherback Long/Short Alternative Yield ETF
$25.82+0.11 (+0.44%)
- 1.27%
- $17M
- +7.7%
- 3.90%
- 0M sh
- $25.50
- low $23.44high $29.03
The ETF.net LBAY Grade
C
Score 40 out of 100
- 20 of 30
Score 40 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.D38 out of 100Rank 19 of 30Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D31 out of 100Rank 23 of 30Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C44 out of 100Rank 20 of 30Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C53 out of 100Rank 8 of 15Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C43 out of 100Rank 26 of 30
Our read on LBAY
CA 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
- 34
- 57%
- First American Government Obligations Fund 12/01/2031
Sectors
- Financials25.3%
- Materials21.8%
- Consumer Staples10.4%
- Utilities7.8%
- Industrials7.0%
- Energy6.4%
- Technology6.1%
- Health Care5.6%
- Consumer Discretionary3.8%
- Communication3.4%
- Real Estate2.5%
Geography
- United States82.94%
- Canada10.66%
- Switzerland3.32%
- Australia3.08%
LBAY Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.
LBAY$10,767
Returns run to the Oct 12, 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 | +9.1% |
| 1 month | −4.5% |
| 3 months | +2.7% |
| 1 year | +7.7% |
| 3 years | +4.5% |
| 5 years | +5.2% |
| 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 | +9.1% | |
| 2025 | +4.1% | |
| 2024 | −3.5% | |
| 2023 | −8.5% | |
| 2022 | +22.4% | |
| 2021 | +22.3% | |
| 2020 | +4.6% |
LBAY in the news
LBAY Dividends
- 3.90%
- $1.00
- $0.09 per share
- Monthly
Distribution history
LBAY Risk
- 15.6%
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.
- −0.06
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
1.27%
LBAY1.27%
- The middle half of Alternative Strategies funds
- Median 1.00%
18 of the 30 Alternative Strategies funds charge less.
Other funds in Alternative Strategies
- CBPROBitwise Proficio Currency Debasement ETFExpense ratio 0.96%1 year return —
- CMKTNFederated Hermes MDT Market Neutral ETFExpense ratio 2.27%1 year return +16.7%
- DCBLSClough Hedged Equity ETFExpense ratio 1.89%1 year return +11.7%
- DEVNTAltShares Event-Driven ETFExpense ratio 1.33%1 year return +9.6%
- DFFLSThe Future Fund Long/Short ETFExpense ratio 2.05%1 year return +1.5%