Skip to content
etf.net

LSAT

GradeDNew York Stock Exchange Arca

LeaderShares AlphaFactor Tactical Focused ETF

Active Equity · Leader Shares · Inception 2020-10-26

$45.28+0.00 (+0.00%)

As of Sep 23, 2026, 2:15 PM EDT

Intraday session: up, 26 prints from 45.28 to 45.28. Range 45.07 to 45.28. Use the arrow keys to read each point.$45.10$45.2010 AM12 PM2 PM4 PM
Expense ratio
0.99%
Fund size
$65M
1Y return
+11.0%
Yield · Last 12 months
1.63%
Volume · 30D
0M sh
NAV per share
$45.60
52W range
low $38.49high $47.69

The ETF.net LSAT Grade

D

33/ 100

Rank 37 of 44 in Global Active Equity⁠

Confidence Medium

Six-pillar profile for LSAT. Scores out of 100: Cost 14, Risk 51, Mission not scored, Tradability 40, Holdings 45, Durability 63. Strongest: Durability (63). Weakest: Cost (14). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 33 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.
    FScore 14
    Category rank38/44 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 51
    Category rank21/42 · top 50%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 40
    Category rank29/44 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 45
    Category rank26/43 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 63
    Category rank17/44 · top 39%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

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 Sep 20, 2026, 6:39 AM
Asset class
Stocks
Holdings
—
Top-10 weight
40%
Largest holding
HALO4.7%

Sectors

  • Financials24.3%
  • Consumer Discr.22.9%
  • Technology14.0%
  • Industrials11.4%
  • Health Care6.9%
  • Communication6.2%
  • Energy4.5%
  • Materials3.8%
  • Real Estate3.2%
  • Cons. Staples3.0%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001HALOHALOZYME THERAPE4.66%26,884$3M200
002SMSM ENERGY CO4.50%78,956$3M161
003MORNMORNINGSTAR INC4.24%13,496$3M159
004—EQUITABLE HOLDIN3.98%47,820$3M1
005SAICSCIENCE APPLICAT3.90%18,988$3M166
006CFCF INDUSTRIES HO3.75%19,057$2M329
007GDDYGODADDY INC-A3.72%24,775$2M265
008—H&R BLOCK INC3.71%54,369$2M1
009MTCHMATCH GROUP INC3.70%55,540$2M189
010—FORTINET INC3.62%13,811$2M1
011HOGHARLEY-DAVIDSON3.43%85,793$2M131
012MTGMGIC INVT CORP3.39%74,150$2M176
013ALSNALLISON TRANSMIS3.36%18,598$2M172
014—AMERICAN INTERNA3.24%27,904$2M1
015SYFSYNCHRONY FINANC3.17%27,377$2M318

Showing 1–15 of 35 holdings

LSAT Performance

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

LSAT$11,098
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. LSAT $11,098. SPY $11,723. Use the arrow keys to read each point.$9,207$10,579$11,951Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

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.

Trailing total return for LSAT. Periods over one year show the average yearly return.
PeriodLSAT
Year to date+16.5%
1 month−4.7%
3 months+6.1%
1 year+11.0%
3 years+12.3%per year
5 years+7.4%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 LSAT
YearReturn barLSAT
2026 YTD+16.5%
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

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

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 Sep 22, 2026.
1.63%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.
12.7%
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.
0.61
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.
−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.