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Critical Facts You Need to Know About Preferred Stocks
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Recommendation *
Avoid
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Quality
Rating Breakdown
Avg.
Relative Strength
The relative strength of a dividend stock indicates whether the stock is uptrending or not. The major determining factor in this rating is whether the stock is trading close to its 52-week-high.
Overall Yield Attractiveness
If a stock’s yield is above or near the market average then it will be rated higher within this parameter. High dividend yields (usually over 10%) should be considered extremely risky, while low dividend yields (1% or less) are simply not very beneficial to long-term investors.
Dividend Reliability
A stock’s dividend reliability is determined by a healthy payout ratio that is higher than other stocks. A company that pays out close to half its earnings as dividends and retains the other half of earnings has ample room to grow its business and pay out more dividends in the future.
Dividend Uptrend
A stock’s Dividend Uptrend rating is dependent on the company’s price-to-earnings (P/E) ratio to evaluate whether or not a stock’s dividend is likely to trend upward. If a stock is valued near, or slightly below the market average, research has shown that the market expects the stock’s dividend to increase.
Earnings Growth
A stock’s Earnings Growth rating evaluates a company’s expected EPS for the current financial year and compares it to next financial year’s expected EPS. Stocks with single-digit growth estimates will have a higher rating than others, as our research has shown that well-established dividend-paying companies have modest earnings growth estimates.
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TrueShares Structured Outcome (August) ETF
Active ETF
AUGZ
Payout Change
Pending
Price as of:
$30.72
+0.2
+0.66%
primary theme
N/A
AUGZ (ETF)
TrueShares Structured Outcome (August) ETF
Payout Change
Pending
Price as of:
$30.72
+0.2
+0.66%
primary theme
N/A
AUGZ (ETF)
TrueShares Structured Outcome (August) ETF
Payout Change
Pending
Price as of:
$30.72
+0.2
+0.66%
primary theme
N/A
Name
Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
2.5%
1 yr return
-3.9%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$15.5 M
Holdings in Top 10
N/A
52 WEEK LOW AND HIGH
$30.5
$28.50
$32.92
Expenses
OPERATING FEES
Expense Ratio 0.79%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
AUGZ - Profile
Distributions
- YTD Total Return 2.5%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio -0.77%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annually
Fund Details
-
Legal NameTrueShares Structured Outcome (August) ETF
-
Fund Family NameTrueShares
-
Inception DateJul 31, 2020
-
Shares Outstanding500000
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUnited States
-
ManagerEric Metz
Fund Description
The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing substantially all of its assets in options that reference the S&P 500 Price Index. The Fund’s investment adviser, TrueMark Investments, LLC (“TrueMark” or the “Adviser”), and sub-adviser, SpiderRock Advisors, LLC (“SpiderRock” or the “Sub-Adviser”), will employ a “buffer protect” options strategy that uses such options to seek to achieve exposure to the S&P 500 Price Index while mitigating the first 8% to 12% decline in the S&P 500 Price Index (the “Buffer”) over a 12-month period beginning on a specified day each August (each, a “Roll Date”). The period from one Roll Date to the next Roll Date is referred to as the “Investment Period,” and the first day of the Investment Period is referred to as the “Initial Investment Day.”
The Fund will purchase call options and sell (write) put options on the S&P 500 Price Index or an ETF that tracks the S&P 500 Price Index on each Initial Investment Day with an expiration on the next Roll Date. An option gives the purchaser of the option the right to purchase (for a call option) or sell (for a put option) the underlying asset (or deliver cash equal to the value of an underlying index) at a specified price (“strike price”). In the event the underlying asset declines in value, the value of a put option will generally increase (and the value of a call option will generally decrease and may end up worthless), and in the event the underlying asset appreciates in value, the value of a put option will generally decrease and may end up worthless (and the value of a call option will generally increase).
On each Initial Investment Day, the Fund will sell (write) put options on the S&P 500 Price Index or an ETF that tracks the S&P 500 Price Index with a strike price within a range of approximately 8% to 12% lower than the current value of the S&P 500 Price Index or an ETF that tracks the S&P 500 Price Index. As the seller of these options, the Fund receives a premium from the buyer of the options, which the Fund invests in at-the-money call options on the S&P 500 Price Index or an ETF that tracks the S&P 500 Price Index (i.e., call options having a strike price roughly equal to the current value of the S&P 500 Price Index or an ETF that tracks the S&P 500
Price Index). The relative price of the put options sold (written) by the Fund to the price of the call options purchased by the Fund will determine the Fund’s exposure to the S&P 500 Price Index during the Investment Period. Due to the cost of the options used by the Fund, the correlation of the Fund’s performance to that of the S&P 500 Price Indexis expected to be less than if the Fund invested directly in the S&P 500 Price Index without using options, and could be substantially less. This means that if the S&P 500 Price Index experiences gains for an Investment Period, the Fund may not realize gains to the same extent.
The Fund’s strategy is to seek to protect investors from a decline of up to 8% to 12% in the performance of the S&P 500 Price Index from one Roll Date to the next Roll Date. When the Adviser or Sub-Adviser sells puts on the S&P 500 Price Index to create the buffer range, the proceeds are used to purchase calls at the money. However, not all puts generate the same premium relative to the downside exposure of the Fund. The Adviser will seek to deliver a buffer of 10% from the reference price of the S&P 500 Price Index on the first trading day of the month. However, the market could fluctuate on or after the buffer is set and this range allows for market condition volatility. The Fund is not designed to protect against declines of more than 8% to 12% in the level of the S&P 500 Price Index, and there can be no guarantee that the Fund will be successful in implementing the buffer protect options strategy to avoid the first 8% to 12% decline. Additionally, even if the Fund mitigates a decline in the performance of the S&P 500 Price Index from one Roll Date to the next Roll Date, the Fund’s returns during the Investment Period (prior to the next Roll Date) may not reflect the buffer protect options strategy.
The Fund will invest in standardized exchange-listed options or in exchange-traded FLexible EXchange Options (“FLEX Options”), which are customized exchange-traded option contracts available through the Chicago Board Option Exchange (“Cboe”) that are guaranteed for settlement by The Options Clearing Corporation (“OCC”). FLEX Options provide investors with the ability to customize exercise prices, exercise styles, and expiration dates, while achieving price discovery in competitive, transparent, auction markets and avoiding the counterparty exposure of over-the-counter (“OTC”) options positions. All FLEX Options in the Fund are European-style options (i.e., they can only be exercised at the expiration date of the option) based on the S&P 500 Price Index or an ETF that tracks the S&P 500 Price Index and have an expiration date that is the last day of the Investment Period. In general, the Fund intends to invest in FLEX options only, as these options provide the best combination of OCC guarantees, price discovery, customization, and European-style settlement that is ideal for the Fund. However in certain unforeseen circumstances, listed options may be used by the Fund to provide an additional source of desired market exposure. The Fund also expects to invest in U.S. Treasury bonds.
The Fund is designed to provide the following outcomes during each individual Investment Period:
| Change in the Returns of the S&P 500 Price Index | Expected Change in the Returns of the Fund |
| Declines between -8% and ‑12% (or more) | Declines 8% to 12% percentage points less than the S&P 500 Price Index (e.g., if the S&P 500 Price Index returns -35%, the Fund is designed to return -23% to -27%) |
| Declines between 0% and ‑8% | No change |
| Appreciates | The Fund’s returns will appreciate to a similar extent as the S&P 500 Price Index, but will be less than those of the S&P 500 Price Index due to the cost of the options used by the Fund |
The following charts illustrate the hypothetical returns that the Fund seeks to provide in certain illustrative scenarios for a shareholder that purchases Fund shares on the Initial Investment Day and holds such shares for the entire Investment Period. These charts do not take into account payment by the Fund of fees and expenses and assume a buffer of 10%. There is no guarantee that the Fund will be successful in providing these investment outcomes for any Investment Period.
The Fund includes a mix of purchased and written (sold) put and call options structured to achieve the results described above. The Fund is designed to seek to achieve the results described above for investments made on the Initial Investment Day and held until the last day of the Investment Period. Investments made on any day other than the Initial Investment Day may differ significantly, positively or negatively, from the results described above. The Fund’s website, www.true-shares.com, contains information about the Fund’s holdings, and the level of the S&P 500 Price Index as of the Initial Investment Day and the prior business day to assist an investor in understanding and the range of results such investor can expect for investments made at times other than on the Initial Investment Day.
Additionally, the Fund’s website provides information relating to the returns of the Fund, including the Fund’s Buffer and its position relative to the S&P 500 Price Index on a daily basis.
The Fund’s operations are intended to be continuous. It will not terminate and distribute its assets at the conclusion of each Investment Period. On each Roll Date, another Investment Period will commence and the Fund will invest in a new set of options.
The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”).
AUGZ - Performance
Return Ranking - Trailing
| Period | AUGZ Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.5% | -2.8% | 240.8% | 17.79% |
| 1 Yr | -3.9% | -4.3% | 140.6% | N/A |
| 3 Yr | N/A* | -8.3% | 18.3% | N/A |
| 5 Yr | N/A* | -5.0% | 17.3% | N/A |
| 10 Yr | N/A* | -4.6% | 13.2% | N/A |
* Annualized
Return Ranking - Calendar
| Period | AUGZ Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2022 | -10.4% | -34.1% | 904.0% | N/A |
| 2021 | 9.9% | -28.6% | 438.4% | N/A |
| 2020 | N/A | -93.5% | 8.2% | N/A |
| 2019 | N/A | -38.9% | 19.8% | N/A |
| 2018 | N/A | -10.9% | 12.8% | N/A |
Total Return Ranking - Trailing
| Period | AUGZ Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.5% | -2.7% | 244.0% | 16.21% |
| 1 Yr | -3.9% | -4.3% | 140.6% | N/A |
| 3 Yr | N/A* | -8.3% | 18.3% | N/A |
| 5 Yr | N/A* | -5.4% | 17.3% | N/A |
| 10 Yr | N/A* | -4.6% | 13.2% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | AUGZ Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2022 | -10.4% | -34.1% | 904.0% | N/A |
| 2021 | 9.9% | -5.9% | 438.4% | N/A |
| 2020 | N/A | -81.2% | 8.2% | N/A |
| 2019 | N/A | -29.0% | 19.8% | N/A |
| 2018 | N/A | -10.9% | 12.8% | N/A |
AUGZ - Holdings
Concentration Analysis
| AUGZ | Category Low | Category High | AUGZ % Rank | |
|---|---|---|---|---|
| Net Assets | 15.5 M | 25 | 17.4 B | 91.39% |
| Number of Holdings | 4 | 2 | 508 | 95.42% |
| Net Assets in Top 10 | 15.5 M | -6.66 M | 5.12 B | 90.08% |
| Weighting of Top 10 | N/A | 11.3% | 100.0% | N/A |
Top 10 Holdings
- United States Treasury Bills 0% 101.60%
- United States Treasury Bills 0% 93.50%
- United States Treasury Bills 0% 87.19%
- United States Treasury Bills 0% 77.31%
- Spy 7/30/2021 328.67 C 22.27%
- Spy 7/30/2021 328.67 C 22.27%
- Spy 7/30/2021 328.67 C 22.27%
- Spy 7/30/2021 328.67 C 22.27%
- Spy 7/30/2021 328.67 C 22.27%
- Spy 7/30/2021 328.67 C 22.27%
Asset Allocation
| Weighting | Return Low | Return High | AUGZ % Rank | |
|---|---|---|---|---|
| Cash | 101.62% | -0.76% | 100.29% | 82.06% |
| Preferred Stocks | 0.00% | 0.00% | 3.08% | 40.84% |
| Other | 0.00% | 0.00% | 45.92% | 52.29% |
| Convertible Bonds | 0.00% | 0.00% | 20.91% | 43.13% |
| Bonds | 0.00% | 0.00% | 97.96% | 2.67% |
| Stocks | -1.62% | -3.92% | 100.76% | 86.26% |
AUGZ - Expenses
Operational Fees
| AUGZ Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.79% | 0.20% | 6.78% | 78.60% |
| Management Fee | 0.79% | 0.20% | 1.75% | 38.81% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 24.71% |
| Administrative Fee | N/A | 0.02% | 0.28% | N/A |
Sales Fees
| AUGZ Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 4.75% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
| AUGZ Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| AUGZ Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 0.00% | 456.80% | N/A |
AUGZ - Distributions
Dividend Yield Analysis
| AUGZ | Category Low | Category High | AUGZ % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 3.76% | 44.98% |
Dividend Distribution Analysis
| AUGZ | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annually | Annually | Monthly | Annually |
Net Income Ratio Analysis
| AUGZ | Category Low | Category High | AUGZ % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.77% | -2.54% | 14.24% | 70.08% |
Capital Gain Distribution Analysis
| AUGZ | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
AUGZ - Fund Manager Analysis
Managers
Eric Metz
Start Date
Tenure
Tenure Rank
Jul 31, 2020
1.83
1.8%
Eric oversees all investment strategies and portfolio management activities at the firm. Prior to joining SRA, Eric was the Derivatives Strategist and Portfolio Manager at RiverNorth Capital Management, managing both mutual fund and hedge fund assets (and was a client of SpiderRock). He began his career with the Chicago Trading Company on the floors of the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE). After the trading floors, Eric was a senior trader and partner at Ronin Capital and Bengal Capital, both proprietary trading firms specializing in volatility arbitrage. Eric graduated, Magna Cum Laude, from the University of Michigan with a B.S.E in Industrial and Operations Engineering. He earned his M.S.E., with honors, in Industrial and Operational Engineering, and was enrolled in the program’s PhD program. Eric is a CFA Charterholder, a member of the CFA Institute, the CFA Society of Chicago and a board member of the OIC Institutional Advisory Council.
Jordan Waldrep
Start Date
Tenure
Tenure Rank
Jul 31, 2020
1.83
1.8%
Jordan Waldrep brings over 15 years of investment experience to TrueMark. Previously, Mr. Waldrep was the Senior Portfolio Manager of the Vice President and Co-Portfolio Manager of the Navigator Fund at USA Mutuals. Mr. Waldrep has over 18 years of investment experience. He was the portfolio manager of Blackfin Capital ("Blackfin") from March 2014 through August 2017. Prior to Blackfin, he was an analyst and trader at Hourglass Capital since 2008. Mr. Waldrep is a member of the CFA Institute and the CFA Society of Dallas and Fort Worth. He is a Chartered Financial Ananlyst. Mr. Waldrep received a BA in Biology and History from Texas A&M University and an MBA from the University of Texas McCombs School of Business.
Fred Sloneker
Start Date
Tenure
Tenure Rank
Jul 31, 2020
1.83
1.8%
Fred Sloneker joined SpiderRock Advisors in 2019 and serves as portfolio manager. Prior to joining SRA, Mr. Sloneker was the Head Quantitative Trader for a series of SpiderRock trading subsidiaries. He began his career as a Trader and Portfolio Manager for hedge funds JMG Triton Offshore and St. Claire Capital Management in San Francisco, specializing in a broad variety of convertible arbitrage strategies. He later created and managed a volatility strategy for Toronto Dominion (TD) Securities. Mr. Sloneker graduated from the California Institute of Technology (Caltech) with a B.S. in Economics.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.04 | 19.77 | 3.61 | 5.67 |
