AVGE vs LSAT

AVGEAAvantis All Equity Markets ETF

LSATDLeaderShares AlphaFactor Tactical Focused ETF

In short

AVGE Avantis's whole-world equity portfolio in one ticker: a fund built from its own factor ETFs across US, developed and emerging markets, tilted toward smaller and cheaper stocks, at 0.23% a year with no waiver involved.

LSAT A 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

AVGE The fund seeks long-term capital appreciation through a broadly diversified equity portfolio. It invests directly or through Avantis ETFs and emphasizes companies expected to offer higher returns or better risk characteristics than a passive, market-cap-weighted index.

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

Why people hold it

• AVGE One ticker, the whole map: it owns a series of other Avantis ETFs spanning US, developed international and emerging markets.avantisinvestors.com
• 0.23% a year, below the typical global active equity fund, and that is the real number, not a temporary waiver.
• No closet indexing. The mandate emphasizes companies Avantis expects to offer higher returns or better risk traits than a passive, cap-weighted index.ifa.com
• Sits among the strongest implementations in its global active equity peer group, and it pays shareholders quarterly.

• LSAT 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

• AVGE At the fund level you hold a handful of Avantis ETFs, so the stock-level diversification is look-through and one firm's research drives the entire stack.avantisinvestors.com
• The prospectus targets roughly 70% US equity (band 63% to 77%), so the geographic mix follows Avantis's policy rather than global market weights.ifa.com
• A close sibling, AVTM, covers total equity markets at 0.22% with no waiver attached.

• LSAT 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.

Full AVGE profile⁠

Full LSAT profile⁠