LeaderSharesTM AlphaFactor US Core Equity ETF
LSAF
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- LeaderShares AlphaFactor US Core Equity ETF (LSAF) is an exchange-traded fund that seeks to track the performance, before fees and expenses, of the proprietary AlphaFactor US Core Equity Index. The index employs a quantitative, rules-based methodology applied to the largest 1,000 U.S. common stocks by market capitalization, predominantly large- and mid-cap companies; it ranks and selects constituents using multiple factors including net share count reduction, free cash flow growth, dividend yield, volatility, debt-to-asset ratios, liquidity, and market capitalization, resulting in a diversified, equal-weighted portfolio of approximately 100 holdings focused on liquidity theory and other historically attractive quantitative attributes. The ETF provides investors with smart beta U.S. equity exposure through NYSE Arca-listed shares (CUSIP: 90214Q774), featuring a gross expense ratio of 0.75% and total net assets of approximately $113 million as of late 2025. Launched on October 2, 2018, LSAF operates within the broad U.S. equity market segment, targeting institutional and retail investors seeking factor-based strategies over traditional market-cap weighting. The fund is advised by Redwood Investment Management, LLC, based in Scottsdale, Arizona, and distributed by Northern Lights Distributors, LLC (member FINRA/SIPC), with no affiliation between the adviser and distributor; administration is handled by Ultimus Fund Solutions, LLC, and custody by Brown Brothers Harriman & Co. LeaderShares represents Redwood's ETF brand, which emphasizes differentiated quantitative systematic approaches, though the firm announced the liquidation of two other LeaderShares ETFs—Activist Leaders ETF (ACTV) and Equity Skew ETF (SQEW)—effective October 30, 2025, with trading ceasing on October 24, 2025, as part of portfolio rationalization efforts. LSAF maintains operations exclusively in the United States, with holdings spanning sectors such as consumer cyclical (e.g., Las Vegas Sands at 1.25%), industrials (e.g., Expeditors International at 1.19%), healthcare (e.g., HCA Healthcare at 1.18%), and technology (e.g., Lam Research at 1.14%), subject to quarterly rebalancing. No recent partnerships, funding rounds, acquisitions, new product launches, or strategic shifts specific to LSAF have been reported in 2024 or 2025; the ETF continues its passive index-tracking mandate amid stable assets under management around $113-135 million and average daily volume of approximately 26,000 shares.