Level Four Large Cap Growth Active ETF

Level Four Large Cap Growth Active ETF (LGRO) is an actively managed fund. Its sub-adviser, Level Four Capital Management, picks about 48 large US growth stocks, led by Apple, Microsoft and Alphabet as of May 31, 2026. Its 0.50% expense ratio is far above the 0.16% average for similar growth funds. Its 13.1% price return for the year to October 27, 2026 ranked 2nd of 9 among them. It is small, with about $135 million in net assets.

• Over the year to Oct 27, 2026, LGRO returned +13.1%, 2nd of 9 among similar funds.
• Its worst full calendar year was 2025 (+18.2%); its best was 2024 (+23.9%).
• The deepest fall in its price history was 23.3% (Jan 28, 2025 to Apr 8, 2025), recovered by Jun 27, 2025.

As of May 31, 2026, the fund held 48 securities; the ten largest made up 43.24% of assets, and 5.01% sat in cash and money-market holdings.

By sector

• Over the three months to May 31, 2026, investors added a net $4.2M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -5.45%, +10.30%, +8.38%.

LGRO does not track an index. Its sub-adviser, Level Four Capital Management, picks what it calls high-quality US companies with growth potential and favors large, seasoned businesses. Under normal conditions, at least 80% of net assets goes into common stocks of companies worth more than $10 billion at the time of purchase. The Bloomberg US 1000 Growth Index serves only as a yardstick for performance. The fund normally stays in the top half of that index's size range, which ran from about $1.8 billion to $4.5 trillion as of December 31, 2025.

How much goes where is the managers' call. The team splits money among broad sector groups based on its own company research, its view of opportunities and its diversification and risk considerations. It can change those sector weights, or the sectors it invests in, at any time. The prospectus does not describe a fixed rebalancing schedule. Portfolio turnover, the share of holdings replaced over a year, was a modest 15%.

As of May 31, 2026, the fund held 48 stocks plus about 5% in cash, with no derivatives. The 10 largest positions made up 43% of assets. Apple (6.9%) and Microsoft (6.8%) led, followed by Alphabet, Amazon and Nvidia. Technology made up 38% of the holdings that had a sector classification. The fund may buy foreign stocks, but all of its stocks were US companies on that date.

• LGRO charges 0.5% a year, versus an average of 0.16% for the similar funds below (8th of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).

It is a concentrated, actively managed growth fund with a high fee and a short record, so it may fit better as a smaller add-on than as a portfolio's core.

LGRO could add a manager-picked tilt toward large US growth companies alongside a broad core fund. Its record is short. It launched in August 2023, so it has no history through the 2008 crisis, the 2020 COVID crash or the 2022 bear market. Its deepest drop was 23.3%, from January 28 to April 8, 2025. It was back at its peak by June 27, 2025, about 2.6 months later. Even its worst calendar year, 2025, was a gain of 18.12%. Still, anyone drawing cash during a slide like early 2025's would have cashed out shares at much lower prices. Income is minimal: a 0.32% trailing yield as of October 27, 2026, paid quarterly. Its 0.50% fee compares with 0.04% for SCHG. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.