TrueShares S&P Autocallable Defensive Income ETF
$25.54−0.08 (−0.31%)
- 0.74%
- $165M
- 0M sh
- $25.58
- low $21.80high $26.24
The ETF.net PAYM Grade
C
Score 41 out of 100
- 16 of 24
Score 41 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.C48 out of 100Rank 12 of 24Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D29 out of 100Rank 19 of 24Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D36 out of 100Rank 19 of 24Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B57 out of 100Rank 14 of 24
Our read on PAYM
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.
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 Holdings
- Other
- 13
- 292%
- Recv Us Large Cap Moderate Income Autocallable
PAYM Performance
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$11,110
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.
| Period | PAYM |
|---|---|
| Year to date | +11.1% |
| 1 month | +3.5% |
| 3 months | +2.8% |
| 1 year | — |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | PAYM |
|---|---|---|
| 2026 YTD | +11.1% | |
| 2025 | −0.3% |
PAYM in the news
Category Review
The largest alternatives fund has no one-year record
PAYM Dividends
- $0.21 per share
- Monthly
Distribution data unavailable.
Distribution history
PAYM Risk
- —
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.
- —
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.
- —
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.
- 1.38
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
0.74%
PAYM0.74%
- The middle half of Other Index Option Income funds
- Median 0.73%
12 of the 24 Other Index Option Income funds charge less.
Other funds in Other Index Option Income
- CDOGGFT Vest DJIA Dogs 10 Target Income ETFExpense ratio 0.75%1 year return +17.4%
- CACIIInnovator Index Autocallable Income Strategy ETFExpense ratio 0.79%1 year return +10.9%
- CDYLGGlobal X - Dow 30 Covered Call & Growth ETFExpense ratio 0.35%1 year return +15.8%
- CSFYISoFi Social 50 Income ETFExpense ratio 0.73%1 year return —
- DQVOLInfrastructure Capital Nasdaq Option Income ETFExpense ratio 0.82%1 year return —