The Leatherback Long/Short Alternative Yield ETF (LBAY) (the “Fund”) net asset value (NAV) declined by 6.51% in June, compared to a decline of 8.25% for the S&P 500 Index. LBAY paid our nineteenth consecutive monthly distribution, at $0.065 per share in June. This is a 2.49% SEC yield versus the S&P 500 Index dividend yield of approximately 1.70%, and the 10-Year US Treasury yield of 3.016%. Year to date as of June 30, 2022, NAV for the Fund has returned 11.77%, compared to a decline of 19.96% for the S&P 500 Index. NAV performance for the Fund to date since inception (November 16, 2020) has produced a 42.76% cumulative total return and a 24.59% annualized total return.
Inflation is like toothpaste. Once it’s out, it’s hard to put back in.” - Karl Otto Pohl
*Definitions: Enterprise Value (EV) is a measure of a company’s total value, and includes market capitalization, cash, and debt. 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. Forward Price to Earnings Multiple is the ratio for valuing a company that measures current share price divided by its forecasted earnings per share. Earnings per Share Estimate is a company’s expected future annual earnings per share, as estimated by professional analysts.
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.
3Source: https://markets.businessinsider.com/, July 8, 2022
4Source: https://www.cnbc.com/, July 18, 2022
5View 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.
6Source: https://investor.hasbro.com/, July 19, 2022. EBITDA represents net earnings excluding interest expense, income tax expense, net earnings (loss) attributable to noncontrolling interests, depreciation and amortization of intangibles. Adjusted EBITDA also excludes the impact of stock compensation (including acquisition-related stock expense).
7Source: https://www.spglobal.com/, June 30, 2022
Opinions expressed are subject to change at any time, are not guaranteed, and should not be considered investment advice.