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Launched · SEC filings

TrueShares Structured Outcome (February) ETF

FEBZCboeTrueSharesD

$39.84+0.21 (+0.53%)

As of Nov 6, 2026, 12:09 PM ET

D35/ 100

Rank 70 of 77 in S&P 500 Buffer 9-12%

D35/100Rank 70 of 77inS&P 500 Buffer 9-12%
Intraday session: up, 32 prints from 39.63 to 39.84. Range 39.71 to 39.91. Use the arrow keys to read each point.39.7039.7539.8039.9010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$32M
1Y total return
+5.6%
Yield · Last 12 months
3.04%
Holdings
16
Avg volume · 30D
2.61K sh
52W range
low $35.58high $41.58
Launched
Filings
SEC EDGAR

The ETF.net FEBZ Grade

Based on 4 of 6 pillars

D

Score 35 out of 100

Category
S&P 500 Buffer 9-12%⁠
Rank
70 of 77
Six-pillar profile for FEBZ. Scores out of 100: Cost 40, Risk 27, Mission not scored, Tradability 37, Holdings not scored, Durability 30. Strongest: Cost (40). Weakest: Risk (27). Based on 4 of 6 pillars.

Score 35 of 100 falls in the D 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.
    C40 out of 100
    Rank 34 of 77

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D27 out of 100
    Rank 66 of 77

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D37 out of 100
    Rank 55 of 77

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D30 out of 100
    Rank 67 of 77

Our read on FEBZ

ETF.net Research

In short

DMost buffer ETFs sell you downside protection and quietly take your upside in return. FEBZ skips the cap: it aims to absorb the first 8% to 12% of S&P 500 price losses over a 12-month stretch with no ceiling bolted onto the gains.

Stated mandate

FEBZ seeks pre-fee, pre-expense returns tracking the S&P 500 Price Return Index while protecting against the first 8%-12% of index losses over a 12-month period.

Why people hold it

  • No upside cap. Where most buffered funds hard-stop your gains at a set number, this one keeps participating as the index climbs.true-shares.comtrue-shares.com 2
  • Actively managed options on the S&P 500 Price Index, aiming to buffer the first 8% to 12% of index losses over a 12-month period that resets each February.true-shares.com
  • Running since 2021, part of the original uncapped buffered series rather than a me-too launch chasing the outcome-ETF boom.true-shares.com

Worth knowing

  • Uncapped is not full upside. The issuer states the participation rate is expected to land below 100% of the market move, and it is reset with each period.true-shares.com
  • The buffer is a range (8% to 12%), set at each reset and measured from the period's starting level, so buying mid-period can mean less cushion than the label suggests.true-shares.com
  • Fee sits at the category median, and this is a small, lightly traded fund. Laddered rival BUFB runs 0.10%, so the uncapped design is what you are paying up for.

FEBZ Performance

Launched Jan 29, 2021

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.
FEBZ$10,556
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,934
Nov 5, 2025 to Nov 5, 2026. FEBZ $10,556. SPY $10,934. Use the arrow keys to read each point.$10,000$11,000Nov 2025May 2026Nov 2026

Nov 5, 2025 – Nov 5, 2026

Returns run to the Nov 5, 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.

Trailing total return for FEBZ. Periods over one year show the average yearly return.
PeriodFEBZ
Year to date+5.3%
1 month−4.0%
3 months−4.0%
1 year+5.6%
3 yearsper year+14.2%
5 yearsper year+8.8%
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for FEBZ
YearReturn barFEBZ
2026 YTD+5.3%
2025+12.9%
2024+16.9%
2023+20.6%
2022−10.3%
2021+20.5%

History from Feb 1, 2021

FEBZ in the news

FEBZ Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Nov 5, 2026.
3.04%Last 12 months
Payout per share
$1.20Last 12 months
Last payment
$1.20 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2023–2026

One bar per payment. 3 payments from 2023 to 2026 YTD. Dec 27, 2023 $2.08; Dec 27, 2024 $1.33; Dec 24, 2025 $1.20. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Dec 24, 2025Dec 26, 2025$1.20
Dec 27, 2024Dec 30, 2024$1.33
Dec 27, 2023Dec 29, 2023$2.08

$10,000 in FEBZ 5 years ago paid $1,552 in dividends.

FEBZ Risk

Risk pillarD27 out of 100Rank 66 of 77 in S&P 500 Buffer 9-12%
How much the fund’s monthly returns vary, scaled to a year.
9.1%
Annualised · 36 months to Oct 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
1.20
vs 3-month T-bills · to Oct 2026
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.

The largest fall from a peak to the low that followed.
−17.5%
Trough Oct 2022
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.

How strongly the fund’s returns move with its asset-class index.
0.72
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

FEBZ Cost

Compare FEBZ and XTR

Overpaying vs XTR, cheapest in S&P 500 Buffer 9-12%

$10,015

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • FEBZ 0.79%

    $15,174

  • XTR 0.25% Cheapest

    $5,159

$10,000
30 years

Cost over time

  • FEBZ 0.79%
  • XTR 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530FEBZ $15,174XTR $5,159

Year by year

YearFEBZXTROverpaying
10$1,405$455$950
20$5,331$1,769$3,562
30$15,174$5,159$10,015

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