The Leatherback Long/Short Alternative Yield ETF (LBAY) (the “Fund”) net asset value (NAV) declined by 6.36 % in September, compared to a decline of 9.21% for the S&P 500 Index. LBAY paid our twenty-second consecutive monthly distribution, at $.065 per share in September. This is a 2.64% SEC yield versus the S&P 500 Index dividend yield of approximately 1.85%, and the 10-Year US Treasury yield of 3.832%. Year to date as of September 30, 2022, NAV for the Fund has returned 5.42%, compared to a decline of 23.87% for the S&P 500 Index. NAV performance for the Fund to date since inception (November 16, 2020) has produced a 34.66% cumulative total return and a 17.24% annualized total return.
I make a living supposedly forecasting changes in the economic environment and the financial markets. With the caveat that I have been doing this 45 years and between the pandemic and the war and the crazy policy response in the United States and worldwide, this is the hardest environment I’ve ever encountered to try and have any confidence in a forecast 6 to 12 months ahead.” – Stanley Druckenmiller
*Definitions: Earnings per Share Estimate is a company’s expected future annual earnings per share, as estimated by professional analysts. Forward Price to Earnings Multiple is the ratio for valuing a company that measures current share price divided by its forecasted earnings per share.
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: @SquawkCNBC, Sep 9, 2022
4Source: https://www.nytimes.com/, Oct 22, 2021
5Source: https://www.reuters.com/, Oct 21, 2022
6Source: https://www.bloomberg.com/, Sep 28, 2022
7The 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. 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. The Ball Metaverse Index is designed to track one of the largest and most valuable socio-economic technological transformations of the coming decades: the Metaverse. The Index is managed by an Expert Council which maps and weights thousands of public companies to seven categories enabling Metaverse technologies and businesses, each weighted by their projected share of Metaverse-related revenues. The BUZZ NextGen AI US Sentiment Leaders Index identifies the 75 most bullish large cap US equities based on investment insights derived from the vast content generated across online platforms. The data is filtered through an analytics model which utilizes Natural Language Processing algorithms and Artificial Intelligence applications. Constituent weights are based on a proprietary scoring model. Source: Bloomberg. Indexes are unmanaged and it is not possible to invest in an index.
8View 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.
10Stanley Druckenmiller quote Source: https://www.youtube.com/, Sep 13, 2022
Opinions expressed are subject to change at any time, are not guaranteed, and should not be considered investment advice.