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LSAF

GradeCNew York Stock Exchange Arca

LeaderSharesTM AlphaFactor US Core Equity ETF

Factor & Screened Index · Leader Shares · Inception 2018-10-01

$53.71−0.33 (−0.61%)

As of Sep 24, 2026, 3:34 PM EDT

Intraday session: down, 18 prints from 54.04 to 53.71. Range 53.62 to 54.04. Use the arrow keys to read each point.$53.60$53.80$53.90$54.0010 AM12 PM2 PM4 PM
Expense ratio
0.75%
Fund size
$125M
1Y return
+21.8%
Yield · Last 12 months
0.57%
Volume · 30D
0M sh
NAV per share
$54.74
52W range
low $42.47high $56.56

The ETF.net LSAF Grade

C

43/ 100

Rank 80 of 99 in US Multifactor⁠

Confidence High

Six-pillar profile for LSAF. Scores out of 100: Cost 2, Risk 63, Mission 90, Tradability 19, Holdings 57, Durability 37. Strongest: Mission (90). Weakest: Cost (2). Leans toward Mission.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 43 of 100 sits in the C 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.
    FScore 2
    Category rank97/99 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 90
    Category rank29/86 · top 34%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 63
    Category rank28/96 · top 29%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 19
    Category rank92/99 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 57
    Category rank48/98 · top 49%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    DScore 37
    Category rank76/99 · bottom quartile

Graded as of Sep 23, 2026

Our read on LSAF

ETF.net Research

CA boutique multifactor take on US core equity: LSAF ranks American stocks with a published rulebook and has run live since 2018. The trade-off is price, at 0.75% in a corner of the market where the index giants charge pennies.

Stated mandate

The fund seeks to track the AlphaFactor US Core Equity Index before fees and expenses.

Why people hold it

  1. 01Rules-based, not discretionary: a published multifactor ranking process selects the US stocks, inside a plain 1940 Act ETF wrapper.
  2. 02Live since 2018, so the record covers real drawdowns and recoveries rather than a backtest.
  3. 03Simple mandate to keep tabs on: US only, equity only, one index, one ticker.
  4. 04Risk behavior is the stronger side of its profile relative to the multifactor group, even where cost lags.

Worth knowing

  1. 01At 0.75% a year, it costs multiples of the category's heavyweights (VYM at 0.04%, FNDX at 0.25%), a gap you pay whatever the market does.
  2. 02Thinly traded, so the spread on a single order can matter more to your cost than the headline fee.
  3. 03Distributions arrive annually or semiannually, not monthly or quarterly.

LSAF Holdings

As of Sep 20, 2026, 6:39 AM
Asset class
Stocks
Holdings
—
Top-10 weight
14%
Largest holding
RNG1.7%

Sectors

  • Consumer Discr.22.0%
  • Financials20.1%
  • Technology17.6%
  • Industrials11.6%
  • Health Care9.2%
  • Materials5.2%
  • Communication4.8%
  • Cons. Staples3.8%
  • Energy3.7%
  • Real Estate1.9%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 7.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001RNGRINGCENTRAL IN-A1.75%30,144$2M153
002MPCMARATHON PETROLE1.54%4,494$2M392
003VLOVALERO ENERGY1.47%4,419$2M396
004IQVIQVIA HOLDINGS I1.30%6,035$2M290
005DELLDELL TECHN-C1.27%2,764$2M429
006COINCOINBASE GLOBA-A1.26%8,073$2M265
007DBXDROPBOX INC-A1.26%42,756$2M170
008ZBRAZEBRA TECH CORP1.25%4,483$2M217
009NEMNEWMONT CORP1.24%12,497$2M427
010FOXAFOX CORP - A1.18%22,624$1M295
011PATHUIPATH INC -CL A1.17%108,711$1M153
012QRVOQORVO INC1.17%12,359$1M159
013CRBGCOREBRIDGE FINAN1.15%41,043$1M142
014CRLCHARLES RIVER LA1.15%5,132$1M209
015CPAYCORPAY INC1.15%3,574$1M272

Showing 1–15 of 104 holdings

LSAF Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

LSAF$12,183
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,702
Sep 23, 2025 to Sep 23, 2026. LSAF $12,183. SPY $11,702. Use the arrow keys to read each point.$9,252$11,122$12,993Sep 2025Mar 2026Sep 2026

Sep 23, 2025 – Sep 23, 2026

Returns run to the Sep 23, 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.

Trailing total return for LSAF. Periods over one year show the average yearly return.
PeriodLSAF
Year to date+19.9%
1 month−3.6%
3 months+5.4%
1 year+21.8%
3 years+20.4%per year
5 years+10.9%per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for LSAF
YearReturn barLSAF
2026 YTD+19.9%
2025+12.0%
2024+18.1%
2023+15.5%
2022−13.1%
2021+22.8%
2020+6.9%

LSAF in the news

ETF.net Research hasn’t filed on LSAF yet — coverage lands here as it’s written.

LSAF Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 23, 2026.
0.57%Last 12 months
Payout per share
$0.31Last 12 months
Last payment
$0.31 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2018–2026

One bar per payment. 20 payments from 2018 to 2026 YTD. Dec 27, 2018 $0.04; Mar 28, 2019 $0.05; Jun 25, 2019 $0.04; Sep 25, 2019 $0.04; Dec 20, 2019 $0.06; Mar 25, 2020 $0.04; Jun 25, 2020 $0.05; Sep 25, 2020 $0.03; Dec 21, 2020 $0.03; Mar 25, 2021 $0.02; Jun 25, 2021 $0.03; Sep 24, 2021 $0.02; Dec 21, 2021 $0.06; Mar 24, 2022 $0.05; Jun 23, 2022 $0.07; Sep 23, 2022 $0.07; Dec 21, 2022 $0.10; Dec 20, 2023 $0.29; Dec 20, 2024 $0.17; Dec 17, 2025 $0.31. Use the arrow keys to read each point.201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Dec 17, 2025Dec 24, 2025$0.31
Dec 20, 2024Dec 26, 2024$0.17
Dec 20, 2023Dec 26, 2023$0.29
Dec 21, 2022Dec 28, 2022$0.10
Sep 23, 2022Sep 30, 2022$0.07
Jun 23, 2022Jun 30, 2022$0.07
Mar 24, 2022Mar 31, 2022$0.05
Dec 21, 2021Dec 28, 2021$0.06
Sep 24, 2021Sep 30, 2021$0.02
Jun 25, 2021Jul 1, 2021$0.03
Mar 25, 2021Mar 31, 2021$0.02
Dec 21, 2020Dec 28, 2020$0.03

LSAF Risk

How much the fund’s monthly returns vary, scaled to a year.
14.0%
Annualised · 36 months to Aug 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
1.07
vs 3-month T-bills · to Aug 2026
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.

The largest fall from a peak to the low that followed.
−24.9%
Trough Sep 2022
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.

How strongly the fund’s returns move with its asset-class index.
0.94
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

LSAF Cost

Expense ratio0.75%
  • The middle half of US Multifactor funds
  • Median 0.30%

95 of the 98 US Multifactor funds charge less.

LSAF costs $75.00 a year on $10,000. The median US Multifactor fund costs $30.00.