The Leatherback Long/Short Alternative Yield ETF (LBAY) (the “Fund”) net asset value (NAV) advanced by 10.16 % in October, compared to 8.10% for the S&P 500 Index. LBAY paid our twenty-third consecutive monthly distribution, at $.065 per share in October. This is a 2.56% SEC yield versus the S&P 500 Index dividend yield of approximately 1.71%, and the 10-Year US Treasury yield of 4.05%. Year to date as of October 31, 2022, NAV for the Fund has returned 16.13%, compared to a decline of 17.70% for the S&P 500 Index. NAV performance for the Fund to date since inception (November 16, 2020) has produced a 48.33% cumulative total return and a 22.33% annualized total return.
Inflation is made in Washington, because only Washington can create money. And any other attribution to other groups of inflation is wrong. Consumers don't produce it. Producers don't produce it. Trade Unions don't produce it. Foreign sheikhs don't produce it. Oil imports don't produce it. What produces it is too much government spending and too much government creation of money, and nothing else.” – Milton Friedman
*Definitions: Operating Margin measures the profitability of a company after paying variable costs, but before paying interest or taxes. It is calculated as Earnings before Interest & Taxes (EBIT) / Net Sales.
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 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.
4 Source: https://ir.theice.com/
Opinions expressed are subject to change at any time, are not guaranteed, and should not be considered investment advice.