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PAYMTrueShares S&P Autocallable Defensive Income ETF

Get incomeNewRanked #1,058 of 1,650 in this goal

Generates moderate monthly income while reducing downside risk.

By TrueShares · Launched 2025

Annual Cost

0.74%

#3,781 of 5,861 · average

Fund Size

$119M

#2,825 of 5,861 · mid-size

Dividend YieldGoal

—

Track Record

8 months

#5,038 of 5,861 · young

Performance

Total-return NAV · USD
Growth of $10,000
$10,672+6.7%

Total-return NAV, USD. Net of fund fees, before tax.

What's inside

How Beacon categorizes this fund

Asset class

Alternative

Region

North america

Strategy

Option income

Index tracked

S&P 500 Futures 20% Intraday VT 2% Decrement Index

What it actually holds

By weight

Concentration

Top 5 holdings = 101.7% of fundconcentrated

Treasury Bill
47.9%
Treasury Bill
47.5%
Morgan Stanley
5.4%
STATE STREET INSTITUTIONAL US
1.0%
Morgan Stanley
-0.1%

Asset allocation

Cash
94.4%
Other
5.6%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
N/A
Max drawdown
-13.7%Mild

Worst peak-to-trough loss

Sharpe (3Y)
Unavailable

Needs 3+ years of history

Sortino (3Y)
Not yet

Needs 3+ years of history

Listing

Exchange
Cboe BZX

Full fund details

Objective
Generates moderate monthly income while reducing downside risk.
Strategy
Actively manages a portfolio investing at least 80% in U.S. Treasuries, cash, and unfunded total return swaps linked to a synthetic portfolio of autocallable notes. Aims to provide moderate income while mitigating downside risk through exposure to the Autocallable Index.
Inception date
December 29, 2025
Fund family
TrueShares

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Covered call
Warning

The big yield isn't extra money

The headline distribution comes from selling call options, which caps the fund's upside. Across a full market cycle that trade costs more than it brings in — often 1 to 3 percentage points a year against just holding the index. Monthly payouts make the gap easy to miss on a return summary.

Sources: Israelov & Ndong, 'A Devil's Bargain: When Generating Income Undermines Investment Returns' (NDVR, 2023)

Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More

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Data updated on 2026-08-04