The team at a seven-year-old, Midwestern boutique is rolling out a pair of active income ETFs.

Last Tuesday (December 30), Mike Loukas, CEO of TrueMark Investments [profile], unveiled the launch of the TrueShares S&P Autocallable Defensive Income ETF (PAYM on the Cboe BZX) and the TrueShares S&P Autocallable High Income ETF (PAYH). Chicago-based TrueMark Investments, LLC serves as investment advisor to both funds.

PAYH and PAYM's inception date was December 29, 2025, and they each come with an expense ratio of 74 basis points. PAYM now has about $991,000 in AUM, while PAYH now has about $988,000*.

Jeffrey Feldman, portfolio manage at TrueMark and quantitative risk manager at RiverNorth Capital Management, LLC (a TrueMark backer since 2021), serves as PM to both PAYH and PAYM.

"To this point, though the autocallable category has been growing, it has been primarily comprised of laddered approaches, lacking the kind of varied and adaptive approach that can truly unlock the powerful role this type of exposure can play in a portfolio," Loukas states. "To do that, we’re very excited to have partnered with two of the world's largest finance firms in S&P and Morgan Stanley to deliver not just a suite of dynamic, market-reactive autocallable solutions but with defensive overlays as part of the ETF."

Loukas puts the launch of PAYM and PAYH in the context of TrueMark's commitment "to innovation and adapting to the rapidly changing market environment."

PAYH and PAYM are each actively managed, non-diversified series of Elevation Series Trust. The new ETFs' other service providers include:

Cohen & Company, Ltd. as independent accounting firm;

Paralel Technologies LLC (PTL) as administrator and fund accountant;

PTL's Paralel Distributors LLC as distributor and principal underwriter;

State Street Bank and Trust Company as custodian and transfer agent; and

Thompson Hine LLP as counsel.

*As of January 2, 2026. 

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