The Leatherback Long/Short Alternative Yield ETF (LBAY) (the “Fund”) advanced by 4.03% in April, compared to 5.34% for the S&P 500 Index. LBAY paid our fifth consecutive monthly distribution of $0.06 per share, which equates to a 3.11% SEC yield versus the S&P 500 Index estimated 12-month dividend yield of approximately 1.38%, and the 10-Year US Treasury yield of approximately 1.63%. Year to date, NAV for the fund has returned 15.06%, compared to 11.84% for the S&P 500 Index. Cumulative inception to date, NAV for the Fund has produced a 20.08% total return.
We’re raising prices. People are raising prices to us, and it’s being accepted5.” – Warren Buffett
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: Bloomberg, *Average of the monthly returns, **Source: https://www.coindesk.com/
4 Source: https://fred.stlouisfed.org
5 Source: https://www.rev.com – Transcript of 2021 Berkshire Hathaway Annual Shareholders Meeting (May 1st)