At a glance
LSAT charges 0.99% a year, above the 0.37% average of the 7 funds most like it (the most expensive of 8). It has $110.3M in assets, the 6th largest of that group; it paid 1.56% of its price in distributions over the past 12 months, annual. Over the past year it returned +18.0% with distributions reinvested (S&P 500: +11.5%), 4th of those 8 funds; over three years it returned +15.5% a year. At its worst it fell 20.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 20 months after the low.
The short version
Leadershares Alphafactor Tactical Focused ETF (LSAT) is a Redwood stock fund launched in October 2020. Its name points to a concentrated approach that picks stocks by factors and can shift tactically. Two things set it apart. Its 0.99% expense ratio is the highest of the eight funds in its comparison group, where the average is 0.37%. And its beta of 0.42 over the year to October 27, 2026 means it moved far less than the broad market.
Price history
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LSAT +18.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| LSAT price data to Oct 27, 2026 | +22.2% | +18.0% | +15.5% | +8.3% | — | +9.5% |
- Over the year to Oct 27, 2026, LSAT returned +18.0%, 4th of 8 among similar funds.
- Its 5-year annualized return was +8.3%.
- Its worst full calendar year was 2022 (-13.0%); its best was 2024 (+18.1%).
- The deepest fall in its price history was 20.5% (Jan 11, 2022 to Jul 14, 2022), recovered by Feb 27, 2024.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +22.2% |
| 2025 | -1.5% |
| 2024 | +18.1% |
| 2023 | +13.7% |
| 2022 | -13.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 9.5% over that stretch · deepest drop along the way 20.5%, back to its old high 19.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.7400 | +42.3% |
| 2024 | $0.5200 | -18.8% |
| 2023 | $0.6400 | +481.8% |
| 2022 | $0.1100 |
How it works
We could not find LSAT in the SEC's ticker records. That can mean the fund was renamed, closed or is not SEC-registered. Without a prospectus, we can't describe the fund's rules for picking, weighting or rebalancing its stocks, and we had no list of its holdings. Anyone considering it would need to read Redwood's latest prospectus and holdings report first.
The name gives clues, not rules. "Alphafactor" suggests stock picking based on factors: measurable traits such as value, quality or momentum that research has linked to returns. "Tactical" usually means a manager can change the mix as conditions change, sometimes moving toward cash or defensive holdings. "Focused" usually means fewer holdings than a broad index fund, so each pick matters more to results.
Nothing in the information we had points to leverage, inverse exposure, swaps or an options overlay. The fund paid its distribution once a year. Its low beta and modest volatility (13.1% over the year to October 27, 2026) fit a fund that may hold defensive positions at times. Without a prospectus, though, we can't confirm that link.
What it really costs
- LSAT charges 0.99% a year, versus an average of 0.37% for the similar funds below (8th of 8, cheapest first).
In a retirement portfolio
A focused, tactical strategy with little public detail and a 0.99% fee fits better as a small side position than as the center of a portfolio.
LSAT's price history starts in February 2021, so it has no record through the 2008 financial crisis or the 2020 COVID crash. In the 2022 bear market it fell 20.5%, from a January 11, 2022 peak to a July 14, 2022 low. It did not regain that peak until February 27, 2024, about 19.5 months after the low. Its worst calendar year was 2022, at -13%. A retiree who sold shares to cover spending during that stretch would have locked in losses.
Income is modest. The trailing 12-month yield was 1.56% as of October 27, 2026, paid once a year, so the fund isn't designed to provide steady monthly cash. Its 0.99% expense ratio is far above the 0.37% average of its comparison group. Past results don't predict future ones, and any plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a small, lower-beta stock position. LSAT's beta was 0.42 over the year to October 27, 2026.
- Investors willing to pay 0.99% a year for a focused, tactical, factor-based approach instead of a low-cost index fund.
- Investors who don't need regular income from this holding. It paid once a year, with a 1.56% yield as of October 27, 2026.
Look elsewhere if
- Cost-focused investors. Vanguard Extended Market ETF (VXF) charges 0.05% and Dimensional's DFAC 0.17%, compared with LSAT's 0.99%.
- Anyone who wants to see exactly what they own. We found no prospectus or holdings list for LSAT in SEC records.
- Investors focused on long-run returns. LSAT's 15.5% annualized three-year return ranked 7th of 8 in its comparison group as of October 27, 2026.
Close alternatives
Matched by legacy category (no holdings report for this fund).
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| LSAT this fund | 0.99% | $110.3M | +18.0% | +15.5% |
| HCOW Amplify COWS Covered Call ETF | 0.65% | $10.0M | +17.8% | +13.8% |
| FLOW Global X U.S. Cash Flow Kings 100 ETF | 0.25% | $9.6M | +31.1% | +24.4% |
| PKW Invesco BuyBack Achievers™ ETF | 0.61% | $1.20B | +11.5% | +22.0% |
| VXF Vanguard Extended Market ETF | 0.05% | $101.40B | +11.2% | +21.5% |
| DFAC Dimensional U.S. Core Equity 2 ETF | 0.17% | $31.30B | +15.9% | +21.1% |
| COWZ Pacer US Cash Cows 100 ETF | 0.49% | $23.60B | +25.8% | +15.5% |
| SDY SPDR S&P Dividend ETF | 0.35% | $20.10B | +21.8% | +15.5% |
Questions investors ask
What does LSAT invest in?
LSAT is a stock fund from Redwood, but we couldn't get its exact holdings or rules. We could not find the ticker in SEC records, which can happen when a fund is renamed or closed. The name suggests a focused portfolio chosen using factors, such as value or momentum, with tactical shifts over time. To confirm what it owns, check Redwood's latest prospectus and holdings list.
Is LSAT good for retirement?
It may fit a small side role better than a core one. LSAT has been fairly steady, with a beta of 0.42 over the year to October 27, 2026. But it fell 20.5% in 2022 and needed about 19.5 months from its low to recover. It charges 0.99% a year and pays once a year, with a 1.56% trailing yield. We could not find its strategy details in SEC filings.
Does LSAT pay a dividend?
Yes, once a year. Over the 12 months to October 27, 2026, LSAT paid $0.74 per share, a trailing yield of 1.56%. That's a modest yield. Because it pays annually, the income arrives in one lump instead of a steady monthly or quarterly stream. Retirees who rely on regular cash flow would need to plan around that timing or draw cash from other holdings.
LSAT vs DFAC: what's the difference?
The biggest differences are cost and size. Dimensional U.S. Core Equity 2 ETF (DFAC) charges 0.17% a year, compared with LSAT's 0.99%. DFAC had $31.3 billion in net assets; LSAT had about $110 million. DFAC returned 22.6% a year over three years as of October 30, 2026, while LSAT returned 15.5% a year through October 27, 2026. The two were matched by broad category, not holdings, so they don't follow the same strategy.
How did LSAT do in 2022?
It lost 12.99% in calendar 2022, its worst year on record. From peak to low, it fell 20.5% between January 11 and July 14, 2022, and it didn't regain that peak until February 27, 2024. Over the broader 2022 bear market, from January 3 to October 12, its return was -9.5%. It then gained 13.68% in 2023 and 18.14% in 2024, before slipping 1.54% in 2025.