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Launched

TrueShares S&P Autocallable Defensive Income ETF

PAYMCboeTrueSharesC

$24.75−0.02 (−0.07%)

As of Nov 2, 2026, 3:45 PM ET

C46/ 100

Rank 12 of 24 in Other Index Option Income

C46/100Rank 12 of 24inOther Index Option Income
Intraday session: down, 73 prints from 24.77 to 24.75. Range 24.52 to 24.84. Use the arrow keys to read each point.24.5524.6024.6524.7024.8510 AM12 PM2 PM4 PM
Expense ratio
0.74%
Fund size
$167M
1Y total return
No data
Yield · Last 12 months
No data
Holdings
12
Avg volume · 30D
44.3K sh
52W range
low $21.80high $26.24
Launched

The ETF.net PAYM Grade

Based on 4 of 6 pillars

C

Score 46 out of 100

Category
Other Index Option Income⁠
Rank
12 of 24
Six-pillar profile for PAYM. Scores out of 100: Cost 52, Risk 33, Mission not scored, Tradability 45, Holdings not scored, Durability 58. Strongest: Durability (58). Weakest: Risk (33). Based on 4 of 6 pillars.

Score 46 of 100 falls in the C 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.
    D33 out of 100
    Rank 17 of 24

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C45 out of 100
    Rank 14 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.
    B58 out of 100
    Rank 14 of 24

Our read on PAYM

ETF.net Research

In short

CAutocallables are the private bank's income trade: contingent coupons, a downside barrier, an early call. PAYM tracks an index of them inside a 1940 Act ETF that trades on an exchange all day and declares income monthly.

Stated mandate

The Fund seeks moderate monthly income while aiming to reduce downside risk. It pursues this objective through a synthetic portfolio of autocallable notes and invests primarily in U.S. Treasuries, cash, cash equivalents, and unfunded total return swaps.

Why people hold it

  • Puts a structured-note payoff, contingent coupons plus a conditional downside cushion, into a registered fund wrapper you can buy and sell on exchange.
  • Income is the stated job, not a byproduct: the prospectus objective is moderate monthly income with reduced downside risk, on a monthly declaration schedule.
  • Rules do the work. Exposure follows an S&P 500 futures index that targets 20% intraday volatility and applies a 2% decrement, not a manager's option calls.

Worth knowing

  • The cushion is conditional. Coupons hinge on the index holding above its barrier, and an autocall can end the exposure early and hand the cash back.
  • At 0.74% it sits at the peer median, while autocallable rival ATCL (0.65%) and covered-call DJIA (0.60%) charge less for their income builds.
  • It launched at the end of 2025 and has traded thinly, so there is little history to judge and spreads can be wider than in the big options-income names.

PAYM 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.
PAYM$10,819
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. PAYM $10,819. 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 PAYM. Periods over one year show the average yearly return.
PeriodPAYM
Year to date+8.2%
1 month−0.8%
3 months+1.3%
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 PAYM
YearReturn barPAYM
2026 YTD+8.2%
2025−0.3%

History from Dec 30, 2025

PAYM in the news

PAYM Dividends

Last payment
$0.21 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 $0.21; Feb 27, 2026 $0.21; Mar 31, 2026 $0.19; Apr 30, 2026 $0.21; May 29, 2026 $0.21; Jun 30, 2026 $0.21; Jul 31, 2026 $0.21; Sep 1, 2026 $0.21; Oct 1, 2026 $0.21. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Oct 1, 2026Oct 2, 2026$0.21
Sep 1, 2026Sep 2, 2026$0.21
Jul 31, 2026Aug 3, 2026$0.21
Jun 30, 2026Jul 1, 2026$0.21
May 29, 2026Jun 1, 2026$0.21
Apr 30, 2026May 1, 2026$0.21
Mar 31, 2026Apr 1, 2026$0.19
Feb 27, 2026Mar 2, 2026$0.21
Jan 30, 2026Feb 2, 2026$0.21

PAYM Risk

Risk pillarD33 out of 100Rank 17 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.
1.38
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.

PAYM Cost

Compare PAYM 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.

  • PAYM 0.74%

    $14,307

  • EDGX 0.00% Cheapest

    $0

$10,000
30 years

Cost over time

  • PAYM 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$15K051015202530PAYM $14,307EDGX $0

Year by year

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

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