TrueShares S&P Autocallable High Income ETF (PAYH)

TrueShares S&P Autocallable High Income ETF (PAYH) is an exchange-traded fund from TrueShares, the ETF brand of TrueMark Investments, that seeks to provide a higher level of income through exposure to autocallable structures linked to the U.S. equity market.

An autocallable is a structured investment that pays periodic coupons as long as a reference asset stays above a set barrier and is automatically redeemed, or called, if the reference rises above a specified level on an observation date. The fund obtains this exposure through an S&P-branded autocallable index, typically via swaps or other derivatives, with the index reflecting a rolling series of hypothetical autocallable notes on U.S. large-cap equities.

Income depends on the reference market staying within the structures' barriers, and losses can occur if the underlying equities fall sharply. Specific index terms and barrier levels are set out in the fund's prospectus.