The Leatherback Long/Short Alternative Yield ETF (LBAY) advanced by 3.72% at NAV in February, compared to 2.76% for the S&P 500 Index. Cumulative inception to date, the Fund has returned 7.02%. LBAY paid its third consecutive monthly distribution of $0.06 per share this month, which equates to a 3.45% SEC yield versus the S&P 500 Index estimated 12-month dividend yield of approximately 1.5%.
Interest rates are like gravity in valuation. If interest rates are nothing, values can be almost infinite. If interest rates are extremely high, that’s a huge gravitational pull on value…” -Warren Buffett
1The 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.
2The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling (833) 417-0090. Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Returns beyond 1 year are annualized. View LBAY standardized performance here.
3The 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.
4Chart Source: https://fred.stlouisfed.org/