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There’s a new name in ETFs, and it wants you to stop losing returns to taxes.

In case you missed it, a new player has entered the ETF space with a mission to help investors keep more of their returns.
LionShares, founded by quantitative trader and entrepreneur Sofia Massie, has launched its first product: the LionShares U.S. Equity Total Return ETF (TOT).
Actively managed, TOT gives investors efficient access to the U.S. stock market while working to minimize the “tax drag” that quietly erodes long-term gains.
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Most traditional ETFs pass taxable dividends directly to shareholders, creating a tax bill even if you do not sell your shares.
TOT takes a different approach.
The fund is designed to capture the total return of the U.S. stock market using a mix of ETFs, index futures, and options.
By actively managing its portfolio, TOT seeks to reduce taxable distributions. That means you can stay fully invested without the friction of reinvesting dividends or the tax burden they create. The goal is simple: let your money compound more efficiently over time.
The effect of tax drag is often underestimated. Over decades, the small amounts lost to dividend taxes can significantly reduce a portfolio’s growth. By minimizing these distributions, TOT gives investors the benefit of uninterrupted compounding, which is essential for building long-term wealth.
According to Sofia Massie, “I’ve seen firsthand both the strengths and shortcomings of existing products. With TOT, we have created a simple, cost-effective way to stay fully invested in the U.S. equity market while minimizing the tax drag that quietly chips away at long-term returns.”
TOT combines tax efficiency with low costs. The fund has a net expense ratio of 0.0749% (after a contractual fee waiver through September 1, 2026) and a gross expense ratio of 0.25%.
For comparison, the asset-weighted average expense ratio for active equity ETFs is about 0.44% according to the Investment Company Institute. That makes TOT one of the lowest-cost active options available today.
LionShares LLC is an SEC-registered investment advisor dedicated to building high-quality, innovative ETFs that help investors capture the lion’s share of long-term value. Founded in 2025 by Sofia Massie, a former quantitative trader specializing in ETF options, LionShares combines market expertise with a focus on efficiency and investor outcomes. Sofia, an MIT graduate with a degree in Mechanical Engineering and minors in Economics and Finance, leads the firm as CEO.
Please note this article is for information purposes only and does not in any way constitute investment advice. It is essential that you seek advice from a registered financial professional prior to making any investment decision.
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