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Launched

LeaderShares AlphaFactor Tactical Focused ETF

LSATNYSE ArcaLeader SharesD

$49.53+0.83 (+1.70%)

As of Nov 2, 2026, 3:59 PM ET

D39/ 100

Rank 28 of 44 in Global Active Equity

D39/100Rank 28 of 44inGlobal Active Equity
Intraday session: up, 73 prints from 48.70 to 49.53. Range 48.70 to 49.61. Use the arrow keys to read each point.49.0049.2049.4010 AM12 PM2 PM4 PM
Expense ratio
0.99%
Fund size
$72M
1Y total return
+24.2%
Yield · Last 12 months
1.51%
Holdings
35
Avg volume · 30D
4.2K sh
52W range
low $38.49high $48.70
Launched

The ETF.net LSAT Grade

Based on 5 of 6 pillars

D

Score 39 out of 100

Category
Global Active Equity⁠
Rank
28 of 44
Six-pillar profile for LSAT. Scores out of 100: Cost 12, Risk 64, Mission not scored, Tradability 54, Holdings 53, Durability 62. Strongest: Risk (64). Weakest: Cost (12). Based on 5 of 6 pillars.

Score 39 of 100 falls in the D 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.
    F12 out of 100
    Rank 38 of 44

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B64 out of 100
    Rank 11 of 42

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C54 out of 100
    Rank 22 of 44

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    C53 out of 100
    Rank 20 of 44

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B62 out of 100
    Rank 20 of 44

Our read on LSAT

ETF.net Research

In short

DA December 2025 launch: an actively run, focused US stock book picked by Leader Capital's in-house AlphaFactor screen. In a peer group full of cheap global index blends, it's the small, opinionated one, and it prices like it.

Stated mandate

The Fund's stated aim is long-term capital growth.

Why people hold it

  • Actively managed, focused US equity portfolio built on the house AlphaFactor screen, with long-term capital growth as the stated aim. No index to hug.
  • Concentration is the point: a focused US book has a very different shape from the broad global blends that anchor this peer group, such as GSWO and AVGE.
  • Standard 1940 Act ETF wrapper: 1099 tax reporting, no partnership K-1, and no structural flags recorded against it.

Worth knowing

  • Fees run at 0.99% a year, above the roughly 0.69% median for its active-equity peer group and several times what index-tilted rivals like GSWO (0.15%) charge.
  • Launched December 2025, so there is no long live record for the screen yet, and the fund is thinly traded, which tends to mean wider spreads.
  • A focused, discretionary book means individual holdings carry real weight and outcomes track the manager's calls, not a published benchmark.

LSAT Performance

Launched Oct 26, 2020

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.
LSAT$12,417
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. LSAT $12,417. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000$12,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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 LSAT. Periods over one year show the average yearly return.
PeriodLSAT
Year to date+25.3%
1 month+10.8%
3 months+7.2%
1 year+24.2%
3 yearsper year+16.4%
5 yearsper year+8.6%
10 yearsFund is under 10 years oldper yearNo data

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 LSAT
YearReturn barLSAT
2026 YTD+25.3%
2025−1.5%
2024+18.1%
2023+13.7%
2022−13.0%
2021+25.0%
2020+20.5%

History from Oct 27, 2020

LSAT in the news

LSAT 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 Oct 30, 2026.
1.51%Last 12 months
Payout per share
$0.74Last 12 months
Last payment
$0.74 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2020–2026

One bar per payment. 6 payments from 2020 to 2026 YTD. Dec 21, 2020 $0.09; Dec 21, 2021 $1.22; Dec 21, 2022 $0.11; Dec 20, 2023 $0.64; Dec 20, 2024 $0.52; Dec 17, 2025 $0.74. Use the arrow keys to read each point.2020202120222023202420252026YTD
Ex-datePay dateAmount per share
Dec 17, 2025Dec 24, 2025$0.74
Dec 20, 2024Dec 26, 2024$0.52
Dec 20, 2023Dec 26, 2023$0.64
Dec 21, 2022Dec 28, 2022$0.11
Dec 21, 2021Dec 28, 2021$1.22
Dec 21, 2020Dec 28, 2020$0.09

$10,000 in LSAT 5 years ago paid $885 in dividends.

LSAT Risk

Risk pillarB64 out of 100Rank 11 of 42 in Global Active Equity
How much the fund’s monthly returns vary, scaled to a year.
14.0%
Annualised · 36 months to Oct 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.
0.85
vs 3-month T-bills · to Oct 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.
−20.5%
Trough Jul 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.
0.62
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.

FMP measures it over up to five years of monthly returns.

LSAT Cost

Compare LSAT and AVTM

Overpaying vs AVTM, cheapest in Global Active Equity

$13,967

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • LSAT 0.99%

    $18,525

  • AVTM 0.22% Cheapest

    $4,558

$10,000
30 years

Cost over time

  • LSAT 0.99%
  • AVTM 0.22%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530LSAT $18,525AVTM $4,558

Year by year

YearLSATAVTMOverpaying
10$1,746$401$1,345
20$6,565$1,561$5,004
30$18,525$4,558$13,967

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