The Leatherback Long/Short Alternative Yield ETF (LBAY) (the “Fund”) net asset value (NAV) declined by 5.44% in February, compared to a decline of 2.44% for the S&P 500 Index. LBAY paid its twenty-seventh consecutive monthly distribution, at $0.075 per share in February. This is a 2.41% SEC yield versus the S&P 500 Index dividend yield of approximately 1.72%, and the 10-Year US Treasury yield of 3.923%. Year to date as of February 28, 2023, NAV for the Fund has declined 4.88%, compared to an advance of 3.69% for the S&P 500 Index. NAV performance for the Fund to date since inception (November 16, 2020) has produced a 48.69% cumulative total return and a 18.96% annualized total return.
Do not invest in the present. The present is not what moves stock prices."– Stanley Druckenmiller
*Definitions: Beta is the percent change in the price of the security given a 1% change in the market index. Duration measures a bond's or fixed income portfolio's price sensitivity to interest rate changes. A basis point is one hundredth of one percent. One basis point is 0.01%.
**The NASDAQ Composite Index is a broad-based capitalization-weighted index of stocks in all three NASDAQ tiers: Global Select, Global Market and Capital Market. The index was developed with a base level of 100 as of February 5, 1971. The Technology Select Sector Index is a modified cap-weighted index. The index is intended to track the movements of companies that are components of the S&P 500 and are involved in the development or production of technology products. The index which serves as a benchmark for The Technology Select Sector SPDR FundXLK, was established with a value of 250 on June 30, 1998. Indexes are unmanaged and it is not possible to invest in an index. Source: Bloomberg.
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.fdic.gov/, February 28, 2023
4 Source: https://advantage.factset.com/, March 16, 2023
5 Source: https://www.currentmarketvaluation.com/, March 17, 2023
6 Source: https://www.cnbc.com/, January 18, 2023
7 Source: https://www.reuters.com/, March 20, 2023
8 Source: https://www.cnbc.com/, March 14, 2023
9 Source: https://www.cnn.com/, January 20, 2023
10 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.