ETF Research Center

TrueShares Active Yield ETF

ALTAR
Score™

10.9%

Recommen-
dation

AVOID

2024E 2025E
P/E ratio	8.9x	P/Sales ratio	1.1x
P/BV ratio	1.2x	Div. yield	9.2%

Description
Performance
Comps
Fundamentals
Valuation
Rating

TrueShares Active Yield ETF seeks to provide investors with high levels of income through an actively managed portfolio of fixed income and equity securities, while also focusing on preserving capital.

FUND BASICS
Category	Asset Allocation Equities
Fund Sponsor	TrueShares
Website	www.true-shares.com/ernz/
Inception date	Apr 30, 2024
Assets (mns)	$151
Currency	USD
Expense ratio	75 bp
Distributions

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting
Index replication
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	171
Wgt avg mkt cap (mns)	$19,514
Large cap (>$10bn)	27.0%
Mid cap ($2-10bn)	36.8%
Small cap (<$2bn)	35.8%
Developed mkts	99.5%
Emerging mkts	0.6%

TOP TEN HOLDINGS
Total	31.6 %
FS INVESTMENT CORP	3.4 %
CORNERSTONE STRATEGIC VALUE FUND I	3.4 %
TCP CAPITAL CORP	3.4 %
OXFORD LANE CAPITAL CORP	3.3 %
INTERNATIONAL SEAWAYS, INC.	3.3 %
OAKTREE SPECIALTY LENDING CORPORAT	3.2 %
TPG SPECIALTY LENDING, INC.	3.0 %
GOLUB CAPITAL BDC INC	3.0 %
BOISE CASCADE CO	2.9 %
CORNERSTONE TOTAL RETURN FUND INC	2.8 %

TOP COUNTRY EXPOSURE
	UNITED STATES	66.7 %
	BERMUDA	1.9 %
	GREECE	0.5 %
	CANADA	0.4 %
	MONACO	0.3 %
	BRITAIN	0.3 %
	SOUTH AFRICA	0.1 %
	CHILE	0.1 %
	MEXICO	0.1 %
	INDIA	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
--	--	--	--	0.0%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$24.66
30d moving avg.	$24.79
Annualized volatility	0.0%
Short interest (ETF)	0.0%
Relative strength (RSI)

Liquidity measures
Avg. volume (thou.)	7
Turnover	0.1%
Bid/Ask (% of price)	0.00%
ADV underlying (mns)	$18,621

Distributions

There were no matches found with other funds under coverage.

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RESULTS & ESTIMATES

	2019	2020	2021	2022	2023	2024E	2025E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2023	2024E	2025E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	TrueShares Active Yield ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	13.4	%
Divided by: Fwd. P/BV	1.1	x
Less: Expense ratio	75	bp
Equals: ALTAR Score	10.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.55	CATEGORY AVERAGE	1.55

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.