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Launched · SEC filings

TrueShares S&P Autocallable High Income ETF

PAYHCboeTrueSharesD

$23.36−0.56 (−2.34%)

As of Nov 2, 2026, 3:47 PM ET

D38/ 100

Rank 20 of 24 in Other Index Option Income

D38/100Rank 20 of 24inOther Index Option Income
Intraday session: down, 76 prints from 23.92 to 23.36. Range 23.20 to 23.54. Use the arrow keys to read each point.23.2023.6023.8010 AM12 PM2 PM4 PM
Expense ratio
0.74%
Fund size
$37M
1Y total return
No data
Yield · Last 12 months
No data
Holdings
4
Avg volume · 30D
15.8K sh
52W range
low $19.96high $26.76
Launched
Filings
SEC EDGAR

The ETF.net PAYH Grade

Based on 4 of 6 pillars

D

Score 38 out of 100

Category
Other Index Option Income⁠
Rank
20 of 24
Six-pillar profile for PAYH. Scores out of 100: Cost 52, Risk 24, Mission not scored, Tradability 23, Holdings not scored, Durability 42. Strongest: Cost (52). Weakest: Tradability (23). Based on 4 of 6 pillars.

Score 38 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C52 out of 100
    Rank 11 of 24

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    F24 out of 100
    Rank 21 of 24

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F23 out of 100
    Rank 22 of 24

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C42 out of 100
    Rank 17 of 24

Our read on PAYH

ETF.net Research

In short

DAutocallable notes are usually a private-bank product. PAYH packages that payoff into an ETF: an index of synthetic autocallables on a volatility-targeted S&P 500 futures index, with monthly income as the stated goal.

Stated mandate

The Fund seeks to generate high monthly income while reducing downside risk through exposure to an index tracking a synthetic portfolio of autocallable notes linked to a custom volatility index.

Why people hold it

  • An autocallable-style income strategy in a plain 1940 Act ETF wrapper: no private-bank minimums, no note paperwork, just a ticker.
  • Rules-based, not discretionary. It tracks an index of synthetic autocallable notes rather than leaning on a trader's judgment about when to write options.
  • The reference index, S&P 500 Futures 35% Intraday VT 4% Decrement, is engineered for note pricing: a volatility target that dials exposure, plus a fixed annual drag that funds a richer coupon.
  • The mandate is unusually specific for an income fund: high monthly income paired with reduced downside risk, both written into the objective.

Worth knowing

  • At 0.74% it sits above autocallable rival ATCL (0.65%) and the cheaper names at the top of the options-income group, so the coupon has more fee to clear.
  • Launched at the end of 2025 and still small, it trades lightly, so there is no full-cycle record and spreads can run wider than the category's household names.
  • Monthly income is the goal, not a guarantee: autocallable coupons hinge on where the reference index sits, so payouts can arrive unevenly.

PAYH Holdings

Asset class
Other
Holdings
4
Top-10 weight
296%
Largest holding
Recv Tactical Put Participation High Index104.1%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataRecv Tactical Put Participation High Index104.12%454,646$38.9M1
2No dataRecv Us Large Cap High Income Autocallable Index99.86%97,963$37.3M1
3No dataTreasury Bill B 09/02/2788.18%34,090,000$32.9M16
4No dataState Street Inst U.s. Government Mmkt Admn Class3.47%1,295,769$1.3M22

Showing 1–4 of 4 holdings

PAYH Performance

Launched Dec 29, 2025

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
PAYH$11,058
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,169
Dec 31, 2025 to Oct 30, 2026. PAYH $11,058. SPY $11,169. Use the arrow keys to read each point.$9,000$10,000$11,000Dec 2025Jun 2026Oct 2026

Dec 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for PAYH. Periods over one year show the average yearly return.
PeriodPAYH
Year to date+10.6%
1 month−1.2%
3 months+2.0%
1 yearFund is under 1 year oldNo data
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for PAYH
YearReturn barPAYH
2026 YTD+10.6%

PAYH in the news

Filtered to PAYH · Other Index Option Income

PAYH Dividends

Last payment
$0.35 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution data unavailable.

Distribution history

2026

One bar per payment. 9 payments in 2026 YTD. Jan 30, 2026 $0.32; Feb 27, 2026 $0.30; Mar 31, 2026 $0.29; Apr 30, 2026 $0.36; May 29, 2026 $0.36; Jun 30, 2026 $0.35; Jul 31, 2026 $0.34; Sep 1, 2026 $0.36; Oct 1, 2026 $0.35. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Oct 1, 2026Oct 2, 2026$0.35
Sep 1, 2026Sep 2, 2026$0.36
Jul 31, 2026Aug 3, 2026$0.34
Jun 30, 2026Jul 1, 2026$0.35
May 29, 2026Jun 1, 2026$0.36
Apr 30, 2026May 1, 2026$0.36
Mar 31, 2026Apr 1, 2026$0.29
Feb 27, 2026Mar 2, 2026$0.30
Jan 30, 2026Feb 2, 2026$0.32

PAYH Risk

Risk pillarF24 out of 100Rank 21 of 24 in Other Index Option Income
How much the fund’s monthly returns vary, scaled to a year.
Launched Dec 2025; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
Launched Dec 2025; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
Launched Dec 2025; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
1.99
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

PAYH Cost

Compare PAYH and EDGX

Overpaying vs EDGX, cheapest in Other Index Option Income

$14,307

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • PAYH 0.74%

    $14,307

  • EDGX 0.00% Cheapest

    $0

$10,000
30 years

Cost over time

  • PAYH 0.74%
  • EDGX 0.00%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530PAYH $14,307EDGX $0

Year by year

YearPAYHEDGXOverpaying
10$1,319$0$1,319
20$5,015$0$5,015
30$14,307$0$14,307

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