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PAYM

GradeCChicago Board Options Exchange

TrueShares S&P Autocallable Defensive Income ETF

Option Income · TrueShares · Inception 2025-12-29

$25.61−0.11 (−0.43%)

As of Sep 23, 2026, 2:11 PM EDT

History starts Dec 30, 2025.History starts Dec 30, 2025.
Intraday session: down, 19 prints from 25.71 to 25.61. Range 25.14 to 25.81. Use the arrow keys to read each point.$25.20$25.40$25.8010 AM12 PM2 PM4 PM
Expense ratio
0.74%
Fund size
$147M
1Y return
—
Yield · Last 12 months
Data unavailable
Holdings
20
Volume · 30D
0M sh
NAV per share
$25.54
52W range
low $21.80high $26.24

The ETF.net PAYM Grade

C

40/ 100

Rank 17 of 24 in Other Index Option Income⁠

Confidence Medium

Six-pillar profile for PAYM. Scores out of 100: Cost 48, Risk 24, Mission not scored, Tradability 37, Holdings not scored, Durability 57. Strongest: Durability (57). Weakest: Risk (24). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 40 of 100 sits in the C 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 rank13/24 · mid-pack

  • 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 24
    Category rank19/23 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 37
    Category rank18/24 · 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.
    BScore 57
    Category rank14/24 · mid-pack

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

Our read on PAYM

ETF.net Research

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

  1. 01Puts a structured-note payoff, contingent coupons plus a conditional downside cushion, into a registered fund wrapper you can buy and sell on exchange.
  2. 02Income is the stated job, not a byproduct: the prospectus objective is moderate monthly income with reduced downside risk, on a monthly declaration schedule.
  3. 03Rules 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

  1. 01The 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.
  2. 02At 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.
  3. 03It 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 Holdings

As of Sep 20, 2026, 6:44 AM
Asset class
Other
Holdings
20
Top-10 weight
293%
Largest holding
RECV TACTICAL PUT PARTICIPATION MODERATE INDEX99.6%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—RECV TACTICAL PUT PARTICIPATION MODERATE INDEX99.62%1,400,032$147M1
002—RECV US LARGE CAP MODERATE INCOME AUTOCALLABLE99.32%509,706$146M1
003—TREASURY BILL B 10/27/2645.63%67,500,000$67M16
004—TREASURY BILL B 09/02/2743.63%67,000,000$64M11
005—STATE STREET INST U.S. GOVERNMENT MMKT ADMN CLASS3.74%5,511,176$6M23
006—SPY 12/31/26 P735.00 Euro Cash Flex0.71%848$1M1
007—BROKER SWEEP0.06%86,893$87K14
008—SPY 12/31/26 P730.00 Euro Cash Flex0.03%39$45K1
009—SPY 12/31/26 P725.00 Euro Cash Flex0.02%30$32K1
010—SPY 12/31/26 P740.00 Euro Cash Flex<0.01%10$13K1
011—SPY 12/31/26 P737.52 Euro Cash Flex<0.01%5$6K1
012—SPY 12/31/26 P727.78 Euro Cash Flex<0.01%5$6K1
013—SPY 11/20/26 P730.88 Euro Cash Flex<0.01%1$7241

Showing 1–13 of 13 holdings

PAYM Performance

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

PAYM$11,045
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. PAYM $11,045. SPY $11,430. Use the arrow keys to read each point.$8,851$10,256$11,662Dec 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 PAYM. Periods over one year show the average yearly return.
PeriodPAYM
Year to date+10.4%
1 month+1.6%
3 months+3.9%
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 PAYM
YearReturn barPAYM
2026 YTD+10.4%
2025−0.3%

History from Dec 30, 2025

PAYM in the news

PAYM 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
$0.21 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. 8 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. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
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

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.
1.40
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.

PAYM 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.

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