The Leatherback Long/Short Alternative Yield ETF (LBAY) (the “Fund”) NAV advanced by 0.31% in October, compared to an advance of 7.01% for the S&P 500 Index. LBAY paid our eleventh consecutive monthly distribution of $0.06 per share. This is a 3.48% SEC yield versus the S&P 500 Index dividend yield of approximately 1.30%, and the 10-Year US Treasury yield of approximately 1.55%. Year to date as of October 31, 2021, NAV for the fund has returned 15.79%, compared to 24.04% for the S&P 500 Index. Cumulative since inception (November 16, 2020) performance to date, NAV for the Fund has produced a 20.84% total return.
This bubble is in everything. Every asset on the planet….Made a lot of geniuses out of all of us the last couple of years." – Stanley Druckenmiller
*Definitions: Gross domestic product (GDP), the featured measure of U.S. output, is the market value of the goods and services produced by labor and property located in the United States (Source: https://fred.stlouisfed.org/). Price to Sales ratio is the ratio of the last price divided sales per share (Source: Bloomberg). Forward Price to Sales Ratio uses an estimate of sales for the denominator in the price to sales ratio.