The Leatherback Long/Short Alternative Yield ETF (LBAY) (the “Fund”) net asset value (NAV) advanced by 1.38% in July, compared to 9.22% for the S&P 500 Index. LBAY paid our twentieth consecutive monthly distribution, at $0.065 per share in July. This is a 2.56% SEC yield versus the S&P 500 Index dividend yield of approximately 1.56%, and the 10-Year US Treasury yield of 2.651%. Year to date as of July 31, 2022, NAV for the Fund has returned 13.31%, compared to a decline of 12.58% for the S&P 500 Index. NAV performance for the Fund to date since inception (November 16, 2020) has produced a 44.74% cumulative total return and a 24.23% annualized total return.
There were so many feeble efforts to deal with inflation in the 1970s, they said ´don't tighten monetary policy too aggressively, you will get some unemployment,´- so we went a decade that way, and we ended up with more inflation and more unemployment." - Paul Volcker
*Definitions: Active management does not seek to replicate the performance of a specified index. Beta measures the volatility of the security price relative to the volatility in the market index. Beta is the percent change in the price of the security given a 1% change in the market index. Alpha-generation refers to a strategy that seeks to generate excess returns or value without additional risk.
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://www.ft.com/, Aug 20, 2022
4Source: @fintwit_news, Aug 17, 2022
5The 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. Source: Bloomberg. Indexes are unmanaged and it is not possible to invest in an index.
6Source: @michaeljburry, Aug 10, 2022
7View 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.
8Paul Volcker quote Source: @Convertbond, Aug 17, 2022
Opinions expressed are subject to change at any time, are not guaranteed, and should not be considered investment advice.