The Leatherback Long/Short Alternative Yield ETF (LBAY) (the “Fund”) NAV advanced by 10.18% in December, compared to an advance of 4.48% for the S&P 500 Index. LBAY paid our thirteenth consecutive monthly distribution, at $0.065 per share in December. This is a 3.20% SEC yield versus the S&P 500 Index dividend yield of approximately 1.27%, and the 10-Year US Treasury yield of approximately 1.51%. Year to date as of December 31, 2021, NAV for the Fund has returned 22.39%, compared to 28.71% for the S&P 500 Index. NAV performance for the Fund to date since inception (November 16, 2020) has produced a 27.73% cumulative total return and a 24.34% annualized total return.
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* Alpha-generating refers to a strategy that seeks to generate excess returns or value without additional risk.
** In general, ETFs can be tax efficient. ETFs are subject to capital gains tax and taxation of dividend income. However, ETFs are structured in such a manner that taxes are generally minimized for the holder of the ETF. An ETF manager accommodates investment inflows and outflows by creating or redeeming “creation units,” which are baskets of assets. As a result, the investor usually is not exposed to capital gains on any individual security in the underlying portfolio. However, capital gains tax may be incurred by the investor after the ETF is sold.
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://bloomberg.com/
4 Source: https://cnbc.com/
5 Source: https://fred.stlouisfed.org/
7 View LBAY top 10 holdings here. 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.