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Launched · SEC filings

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

PAYHCboeD

$25.35+0.06 (+0.24%)

As of Oct 13, 2026, 3:59 PM

D34/ 100

Rank 22 of 24 in Other Index Option Income

D34/100Rank 22 of 24inOther Index Option Income
Intraday session: up, 23 prints from 25.29 to 25.35. Range 24.77 to 25.41. Use the arrow keys to read each point.24.8024.9025.0025.1025.2010 AM12 PM2 PM4 PM
Expense ratio
0.74%
Fund size
$36M
1Y total return
—
Yield · Last 12 months
Data unavailable
Holdings
5
Avg volume · 30D
0M sh
NAV per share
$25.18
52W range
low $19.96high $26.76
Launched
Filings
SEC EDGAR

The ETF.net PAYH Grade

Based on 4 of 6 pillars

D

Score 34 out of 100

Category
Other Index Option Income⁠
Rank
22 of 24
Six-pillar profile for PAYH. Scores out of 100: Cost 48, Risk 14, Mission not scored, Tradability 27, Holdings not scored, Durability 42. Strongest: Cost (48). Weakest: Risk (14). Based on 4 of 6 pillars.

Score 34 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.
    C48 out of 100
    Rank 12 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.
    F14 out of 100
    Rank 23 of 24

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D27 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 18 of 24

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 Oct 13, 2026
Asset class
Other
Holdings
5
Top-10 weight
287%
Largest holding
Recv Us Large Cap High Income Autocallable Index100.9%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Recv Us Large Cap High Income Autocallable Index100.88%91,779$37M1
002—Recv Tactical Put Participation High Index99.80%426,104$36M1
003—Treasury Bill B 09/02/2750.00%18,960,000$18M13
004—Treasury Bill B 10/27/2634.51%12,615,000$13M24
005—State Street Inst U.s. Government Mmkt Admn Class1.48%538,900$539K23

Showing 1–5 of 5 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$11,523
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,500
Dec 31, 2025 to Oct 12, 2026. PAYH $11,523. SPY $11,500. Use the arrow keys to read each point.$8,693$10,235$11,777Dec 2025May 2026Oct 2026

Dec 31, 2025 – Oct 12, 2026

Returns run to the Oct 12, 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+15.2%
1 month+4.4%
3 months+5.0%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years oldper year—
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper 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+15.2%

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

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.

PAYH Cost

Expense ratio0.74%
  • The middle half of Other Index Option Income funds
  • Median 0.73%

12 of the 24 Other Index Option Income funds charge less.

PAYH costs $74.00 a year on $10,000. The median Other Index Option Income fund costs $73.50.

Other funds in Other Index Option Income

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