Skip to content
etf.net

Launched

LeaderShares AlphaFactor Tactical Focused ETF

LSATNYSE ArcaD

$45.72+0.17 (+0.37%)

As of Oct 13, 2026, 2:11 PM

D39/ 100

Rank 28 of 44 in Global Active Equity

D39/100Rank 28 of 44inGlobal Active Equity
Intraday session: up, 3 prints from 45.55 to 45.72. Range 45.55 to 45.72. Use the arrow keys to read each point.45.6045.6510 AM12 PM2 PM4 PM
Expense ratio
0.99%
Fund size
$67M
1Y total return
+16.0%
Yield · Last 12 months
1.62%
Holdings
34
Avg volume · 30D
0M sh
NAV per share
$45.40
52W range
low $38.49high $47.69
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 14, Risk 51, Mission not scored, Tradability 59, Holdings 56, Durability 63. Strongest: Durability (63). Weakest: Cost (14). 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.
    F14 out of 100
    Rank 37 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.
    C51 out of 100
    Rank 25 of 42

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B59 out of 100
    Rank 16 of 44

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B56 out of 100
    Rank 19 of 44

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B63 out of 100
    Rank 18 of 44

Our read on LSAT

ETF.net Research

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

  1. 01Actively managed, focused US equity portfolio built on the house AlphaFactor screen, with long-term capital growth as the stated aim. No index to hug.
  2. 02Concentration 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.
  3. 03Standard 1940 Act ETF wrapper: 1099 tax reporting, no partnership K-1, and no structural flags recorded against it.

Worth knowing

  1. 01Fees 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.
  2. 02Launched 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.
  3. 03A focused, discretionary book means individual holdings carry real weight and outcomes track the manager's calls, not a published benchmark.

LSAT Holdings

As of Oct 11, 2026
Asset class
Stocks
Holdings
34
Top-10 weight
35%
Largest holding
GDDY3.5%

Sectors

  • Financials23.4%
  • Consumer Discretionary21.6%
  • Technology14.8%
  • Industrials12.2%
  • Health Care7.5%
  • Communication6.7%
  • Energy4.3%
  • Materials3.5%
  • Real Estate3.1%
  • Consumer Staples2.8%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001GDDYGodaddy Inc-A3.54%22,694$2M273
002HOGHarley-Davidson3.52%87,720$2M128
003SMSm Energy Co3.50%63,330$2M162
004—Fortinet Inc3.50%12,024$2M1
005MORNMorningstar Inc3.49%11,423$2M158
006—H&R Block Inc3.48%52,920$2M1
007KMPRKemper Corp3.44%85,414$2M93
008CHDNChurchill Downs3.40%28,481$2M134
009APGApi Group Corp3.38%56,046$2M145
010SAICScience Applicat3.34%16,608$2M167
011FTVFortive Corp3.34%39,045$2M265
012—American Interna3.34%28,987$2M1
013POSTPost Holdings In3.32%29,695$2M130
014SUISun Communities3.32%19,470$2M185
015BYDBoyd Gaming Corp3.30%32,053$2M149

Showing 1–15 of 34 holdings

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$11,601
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. LSAT $11,601. SPY $12,044. Use the arrow keys to read each point.$9,489$10,892$12,294Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

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.

Trailing total return for LSAT. Periods over one year show the average yearly return.
PeriodLSAT
Year to date+17.3%
1 month−0.8%
3 months+1.7%
1 year+16.0%
3 yearsper year+13.2%
5 yearsper year+7.4%
10 yearsFund is under 10 years oldper 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 LSAT
YearReturn barLSAT
2026 YTD+17.3%
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

Filtered to LSAT · Global Active Equity

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 12, 2026.
1.62%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

LSAT Risk

How much the fund’s monthly returns vary, scaled to a year.
13.0%
Annualised · 36 months to Sep 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.
0.55
vs 3-month T-bills · to Sep 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.

LSAT Cost

Expense ratio0.99%
  • The middle half of Global Active Equity funds
  • Median 0.69%

36 of the 44 Global Active Equity funds charge less.

LSAT costs $99.00 a year on $10,000. The median Global Active Equity fund costs $69.00.

Other funds in Global Active Equity

See others