The Leatherback Long/Short Alternative Yield ETF (LBAY) (the “Fund”) net asset value (NAV) advanced by 1.82% in February, compared to a decline of 2.99% for the S&P 500 Index. LBAY paid its fifteenth consecutive monthly distribution, at $0.065 per share in February. This is a 3.28% SEC yield versus the S&P 500 Index dividend yield of approximately 1.40%, and the 10-Year US Treasury yield of 1.827%. Year to date as of February 28, 2022, NAV for the Fund has returned 7.08%, compared to a decline of 8.01% for the S&P 500 Index. NAV performance for the Fund to date since inception (November 16, 2020) has produced a 36.78% cumulative total return and a 27.60% annualized total return.
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*Definitions: Active management does not seek to replicate the performance of a specified index. Levered long refers to an investment strategy that uses borrowed funds to finance long positions to increase potential returns. EBITDA is a company’s earnings before interest, taxes, depreciation, and amortization. Adjusted EBITDA includes the removal of non-recurring, irregular, and one-time items. Adjusted EBITDA margin is Adjusted EBITDA / Revenue. Earnings per Share Estimate is a company’s expected future annual earnings per share, as estimated by professional analysts. Forward Price to Earnings Multiple is the ratio for valuing a company that measures current share price divided by its forecasted earnings per share.
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.
3As of February 28, 2022. The Dow Jones US Total Stock Market Index is designed to measure all U.S. equity issues with readily available prices. It is a float-adjusted market cap weighted index. Indexes are unmanaged and it is not possible to invest in an index. Source: https://www.spglobal.com/
4Source: @charliebilello, February 15, 2022, Bloomberg February 28, 2022. The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate pass-throughs), asset-backed Securities (ABS) and commercial mortgage-backed securities (CMBS). Indexes are unmanaged and it is not possible to invest in an index. Source: Bloomberg
5Source: https://awealthofcommonsense.com/, February 13, 2022
6Source: https://fred.stlouisfed.org/, March 9, 2022
7Source: https://libertystreeteconomics.newyorkfed.org/, February 8, 2022
8Source: https://www.newyorkfed.org/, February 8, 2022
9Source: https://www.newyorkfed.org/, February 2022
10View 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. Source: Bloomberg
11Source: https://www.investor.fisglobal.com/, February 15, 2022
12Source: Bloomberg, March 14, 2022