The Leatherback Long/Short Alternative Yield ETF (LBAY) (the “Fund”) net asset value (NAV) advanced by 0.58% in January, compared to 6.28% for the S&P 500 Index. LBAY paid our twenty-sixth consecutive monthly distribution, at $0.075 per share in January. This is a 2.26% SEC yield versus the S&P 500 Index dividend yield of approximately 1.66%, and the 10-Year US Treasury yield of 3.511%. Year to date as of January 31, 2023, NAV for the Fund has returned 0.58%, compared to 6.28% for the S&P 500 Index. NAV performance for the Fund to date since inception (November 16, 2020) has produced a 57.24% cumulative total return and a 22.75% annualized total return.
Sentiment still seems pretty frothy to me. We have stocks doubling again in the month of January, retail volume in the NYSE as a percentage of total volume hit a record two weeks ago, and you have record volume in zero days to expiration options which is basically gambling. Tesla trades more options every day now than the S&P 500 and Apple. I’m not sure speculation is gone.” – Jim Chanos
*Definitions: Cash flow is the net amount of cash generated by a company, with cash received as an inflow, and cash spent as an outflow. Free cash flow is the cash available after paying operating expenses. Beta is the percent change in the price of the security given a 1% change in the market index
1 The S&P 500 Index includes 500 leading companies and covers approximately 80% of the available market capitalization. The S&P 500 Dividend Yield is the estimated sum of all dividends paid by the index’s stocks in the last 12 months, divided by the index market capitalization as reported by the S&P. The dividend yield does not represent or predict the performance of the Fund. Indexes are unmanaged and it is not possible to invest in an index.
2 The 30-day SEC yield is calculated from the 30 days ending on the last day of the previous month. This figure approximates the yield an investor would receive in a year, assuming that each bond in the portfolio is held until maturity. View the 30 day SEC yield here.
3 Source: https://www.newyorkfed.org/, February 2023
4 View LBAY top 10 holdings here. Holdings are subject to change. Characteristics and metrics of the companies shown are for the underlying securities in the fund’s portfolio and do not represent or predict the performance of the fund. There is no guarantee that a company will pay or continually increase its dividend. Section Source: Bloomberg unless otherwise noted.
Opinions expressed are subject to change at any time, are not guaranteed, and should not be considered investment advice.