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PAYH

GradeDChicago Board Options Exchange

Elevation Series Trust - TrueShares S&P Autocallable High Income ETF

Option Income · TrueShares · Inception 2025-12-29 · SEC filings

$25.11−0.22 (−0.87%)

As of Sep 23, 2026, 3:11 PM EDT

History starts Dec 31, 2025.History starts Dec 31, 2025.
Intraday session: down, 20 prints from 25.33 to 25.11. Range 25.01 to 25.33. Use the arrow keys to read each point.$25.00$25.20$25.3010 AM12 PM2 PM4 PM
Expense ratio
0.74%
Fund size
$30M
1Y return
—
Yield · Last 12 months
Data unavailable
Holdings
7
Volume · 30D
0M sh
NAV per share
$25.16
52W range
low $19.96high $26.76

The ETF.net PAYH Grade

D

34/ 100

Rank 20 of 24 in Other Index Option Income⁠

Confidence Low

Six-pillar profile for PAYH. Scores out of 100: Cost 48, Risk 15, Mission not scored, Tradability 25, Holdings not scored, Durability 43. Strongest: Cost (48). Weakest: Risk (15). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 34 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 48
    Category rank12/24 · top 50%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    FScore 15
    Category rank22/23 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 25
    Category rank22/24 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 43
    Category rank17/24 · mid-pack

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on PAYH

ETF.net Research

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

  1. 01An autocallable-style income strategy in a plain 1940 Act ETF wrapper: no private-bank minimums, no note paperwork, just a ticker.
  2. 02Rules-based, not discretionary. It tracks an index of synthetic autocallable notes rather than leaning on a trader's judgment about when to write options.
  3. 03The 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.
  4. 04The mandate is unusually specific for an income fund: high monthly income paired with reduced downside risk, both written into the objective.

Worth knowing

  1. 01At 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.
  2. 02Launched 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.
  3. 03Monthly income is the goal, not a guarantee: autocallable coupons hinge on where the reference index sits, so payouts can arrive unevenly.

PAYH Holdings

As of Sep 20, 2026, 6:46 AM
Asset class
Other
Holdings
7
Top-10 weight
285%
Largest holding
RECV US LARGE CAP HIGH INCOME AUTOCALLABLE INDEX99.1%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—RECV US LARGE CAP HIGH INCOME AUTOCALLABLE INDEX99.11%76,764$30M1
002—RECV TACTICAL PUT PARTICIPATION HIGH INDEX98.51%345,602$30M1
003—TREASURY BILL B 10/27/2641.91%12,615,000$13M16
004—TREASURY BILL B 09/02/2738.40%12,000,000$12M11
005—STATE STREET INST U.S. GOVERNMENT MMKT ADMN CLASS6.72%2,014,209$2M23

Showing 1–5 of 5 holdings

PAYH Performance

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

PAYH$11,377
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,430
Dec 31, 2025 to Sep 22, 2026. PAYH $11,377. SPY $11,430. Use the arrow keys to read each point.$8,277$9,991$11,704Dec 2025May 2026Sep 2026

Dec 31, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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+13.8%
1 month+2.3%
3 months+4.8%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, 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+13.8%

PAYH in the news

ETF.net Research hasn’t filed on PAYH yet — coverage lands here as it’s written.

PAYH Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.36 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. 8 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. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
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

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.
2.01
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.

PAYH Cost

Expense ratio0.74%
  • The middle half of Other Index Option Income funds
  • Median 0.74%

11 of the 23 Other Index Option Income funds charge less.

PAYH costs $74.00 a year on $10,000. The median Other Index Option Income fund costs $74.00.