The Leatherback Long/Short Alternative Yield ETF (LBAY) (the “Fund”) net asset value (NAV) declined by 7.59% in May, compared to an advance of 0.43% for the S&P 500 Index. LBAY paid its thirtieth consecutive monthly distribution, at $0.075 per share in May. This is a 2.87% SEC yield versus the S&P 500 Index dividend yield of approximately 1.66%, and the 10-Year US Treasury yield of 3.646%. Year to date as of May 31, 2023, NAV for the Fund has declined 12.83%, compared to an advance of 9.65% for the S&P 500 Index. NAV performance for the Fund to date since inception (November 16, 2020) has produced a 36.27% cumulative total return and a 12.97% annualized total return.
I hope it's well known by now that the Fed has never got anything right since Paul Volcker. They have merely created an environment conducive to a chain-linked series of super bubbles that break with outrageously consequential, painful effects." – Jeremy Grantham
*Definitions: Duration measures a bond's or fixed income portfolio's price sensitivity to interest rate changes. EBITDA is a company’s earnings before interest, taxes, depreciation, and amortization. Cash flow is the net amount of cash generated by a company, with cash received as an inflow, and cash spent as an outflow.
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://fred.stlouisfed.org/, June 15, 2023
4 View LBAY top 10 holdings here. MVIS US Listed Semiconductor 25 Index covers the largest and most liquid companies listed in the US, which are active in the semiconductors sector. The index is reviewed semi-annually, modified float market capitalisation weighted, and the maximum component weight is 20%. 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. Parent: SECTOR. The NASDAQ-100 Index is a modified capitalization-weighted index of the 100 largest and most active non-financial domestic and international issues listed on the NASDAQ. No security can have more than a 24% weighting. The Indxx Artificial Intelligence and Big Data Index is designed to track the performance of companies listed or incorporated in developed markets that are positioned to benefit from the development and utilization of Artificial Intelligence technology in their products and services, as well as companies that produce hardware used in Artificial Intelligence applied for the analysis of Big Data. 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. Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The index was developed with a base value of 200 as of August 31, 1992. The S&P 500 Growth Index is a market capitalization weighted index. All the stocks in the underlying parent index are allocated into value or growth. Stocks that do not have pure value or pure growth characteristics have their market caps distributed between the value & growth indices. Prior to 12/19/2005 this index represented the S&P 500/Barra Growth Index The S&P 500 High Beta Index measures the performance of 100 constituents in the S&P 500 that are most sensitive to changes in market returns. The S&P 500 Value Index is a market capitalization weighted index. All the stocks in the underlying parent index are allocated into value or growth. Stocks that do not have pure value or pure growth characteristics have their market caps distributed between the value & growth indices. Prior to 12/19/2005 this index represented the S&P 500/Barra Value Index Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The index was developed with a base value of 200 as of August 31, 1992. NASDAQ BuyBack Achievers Index is a modified market capitalization weighted index designed to capture the performance of U.S. listed companies which have repurchased at least 5% of their outstanding shares for the trailing 12 months. S&P Pure Growth Indices includes only those components of the parent index that exhibit strong growth characteristics, and weights them by growth score. Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The MSCI USA Momentum Index is based on MSCI USA Index, its parent index, which captures large and mid cap stocks of the US market. It is designed to reflect the performance of an equity momentum strategy by emphasizing stocks with high price momentum, while maintaining reasonably high trading liquidity, investment capacity and moderate index turnover. The S&P 500 Pure Value index is a style-concentrated index designed to track the performance of stocks that exhibit the strongest value characteristics by using a style-attractiveness-weighting scheme. The selection of stocks to the Dow Jones U.S. Select Dividend Index is based almost entirely on dividend yield and dividend history. Stocks are also required to have an annual average daily dollar trading volume of more than $1.5 million.These criteria help to ensure that the index represents the most widely traded of the market's highest-yielding stocks. This is a total return index. The Energy Select Sector Index is a modified capitalization-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 energy products. The index which serves as the benchmark for The Energy Select Sector SPDR Fund XLE was established with a value of 250 on June 30, 1998. Parent index SECTOR. Indexes are unmanaged and it is not possible to invest in an index. Sources: Bloomberg, https://www.spglobal.com/, https://www.msci.com/
5 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 Sources: Bloomberg, https://investors.bunge.com/
6 Source: https://www.foxbusiness.com/, June 14, 2023
7 Source: @SquawkStreet, June 13, 2023
Jeremy Grantham quote source: https://markets.businessinsider.com/
Opinions expressed are subject to change at any time, are not guaranteed, and should not be considered investment advice.