ETF Evaluator:
Leatherback Long/Short Alt Yld ETF ()
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(as of Aug 26)
Best Performing in Long-Short Equity Over the Last Year
| 42.4% | Convergence Long/Short Equity ETF (CLSE) |
| 29.1% | Militia Long/Short Equity ETF (ORR) |
| 28.5% | Unlimited HFEQ Equity Long/Short ETF (HFEQ) |
| 25.5% | Harbor Long-Short Equity ETF (LSEQ) |
| 16.2% | Efficient Market Portfolio Plus ETF (EMPB) |
Risk
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Risk
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ETF Details
Leatherback Long/Short Alt Yld ETF Overview
Leatherback Long/Short Alt Yld ETF (LBAY) is an actively managed Nontraditional Equity Long-Short Equity exchange-traded fund (ETF). Leatherback launched the ETF in 2020.
The investment seeks capital appreciation and income.
Under normal circumstances, the fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in income producing securities that are an alternative to traditional debt instruments. Alternative Yield Investments are investments, other than traditional debt instruments (e.g., bonds), that generate interest and dividend income. It is non-diversified.
About Leatherback Long/Short Alt Yld ETF (LBAY)
There are 3 members of the management team with an average tenure of 5.71 years: Michael Venuto (2020), Michael Winter (2020) and Charles Ragauss (2020). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Wilshire Liquid Alternative Equity Hedge index with a weighting of 100%. Leatherback Long/Short Alt Yld ETF has 63 securities in its portfolio. The top 10 holdings constitute 52.2% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Leatherback Long/Short Alt Yld ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Leatherback Long/Short Alt Yld ETF has 11.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 72.4% There is 11.1% allocated to foreign stock, and 8.9% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Leatherback Long/Short Alt Yld ETF has 13.6% of the portfolio in cash.
Assets Under Management
The fund has $18 million in total assets, which is below the $320 million average for the Long-Short Equity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
LBAY Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Leatherback Long/Short Alt Yld ETF expense ratio is high compared to funds in the Long-Short Equity category. Leatherback Long/Short Alt Yld ETF has an expense ratio of 1.20%, which is 34% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Leatherback Long/Short Alt Yld ETF has a portfolio turnover rate of 67%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 157% for the Long-Short Equity category.
Recently, in the month of July 2026, Leatherback Long/Short Alt Yld ETF returned 6.0%, which earned it a grade of A, as the Long-Short Equity category had an average return of -0.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Leatherback Long/Short Alt Yld ETF has a trailing yield of 3.74%, which is above the 1.17% category average.
The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Leatherback Long/Short Alt Yld ETF Grades
Year to date, the ETF has returned 11.1%, 2.8 percentage points better than the category, which translates into a grade of C. The fund has returned 12.4% over the past year (grade of D), 2.9% over the past three years (grade of F) and 6.0% per year over the past five years (grade of D).
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LBAY Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| LBAY Return (NAV) | 6.0% | 0.1% | 12.4% | 2.9% | 6.0% | na |
| LBAY Return (Price) | 5.8% | -0.2% | 12.2% | 2.9% | 5.9% | na |
| NAV +/- Price Return | 0.271% | 0.271% | 0.202% | 0.042% | 0.086% | na |
| Long-Short Equity Avg | -0.0% | 3.1% | 14.5% | 14.1% | 7.8% | 12.2% |
| LBAY Grade (NAV) | A | D | D | F | D | na |
| +/- Category (NAV) | 6.1% | -3.0% | -2.1% | -11.2% | -1.8% | na |
| LBAY Tax-Cost Ratio | na | na | 1.6% | 1.5% | 1.3% | na |
LBAY Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| LBAY Return (NAV) | 11.1% | 3.9% | -3.5% | -8.5% | 22.4% | 22.4% | na | na | na | na | na |
| LBAY Return (Price) | 10.4% | 4.3% | -3.5% | -8.5% | 22.4% | 22.3% | na | na | na | na | na |
| NAV +/- Price Ret | -0.058% | 0.099% | 0.011% | 0.009% | 0.001% | -0.006% | na | na | na | na | na |
| Long-Short Equity Avg | 8.3% | 8.4% | 17.1% | 13.7% | -9.2% | 8.7% | 28.9% | 15.9% | 0.1% | 15.9% | 9.6% |
| LBAY Grade (NAV) | C | D | F | F | A | B | na | na | na | na | na |
| +/- Category | 2.8% | -4.5% | -20.6% | -22.2% | 31.6% | 13.7% | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.04 |
| R-Squared: | 0% |
| Standard Deviation: | 14.2% |
| Category Risk Index: | 1.15 |
| Category Risk Rating: | High |
| Total Risk Index: | 1.16 |
| Total Risk Rating: | Average |
| Portfolio Characteristics | |
| Yield: | 3.7% |
| Total Assets: | $ 18 Mil |
| Share Class Assets: | $ 18 Mil |
| Turnover: | 67.0% |
| Expense Ratio: | 1.20% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 5.7 years | |||
| Average Tenure: 5.7 years | |||
| Managers (Year): Venuto Michael (2020), Winter Michael (2020), Ragauss Charles (2020) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 63 |
| % in Top 10 Holdings: | 52.2% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 11.1% |
Portfolio Allocation |
|
| Domestic Stock: | 72.4% |
| Foreign Stock: | 11.1% |
| Preferred Stock: | 8.9% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -6.0% |
| Cash: | 13.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Leatherback |
| Phone Number: | 833-417-0090 |
| Website: | |
| Inception Date: | November 16, 2020 |
Expenses and Fees
| Expense Ratio (%): | 1.20% (Rating: High) |
| Category Average Expense Ratio (%): | 1.83% |
