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Launched · SEC filings

TrueShares Structured Outcome (February) ETF

FEBZCboeD

$41.44+0.01 (+0.02%)

As of Oct 13, 2026, 3:59 PM

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, 55 prints from 41.43 to 41.44. Range 41.38 to 41.44. Use the arrow keys to read each point.41.3941.4041.4141.4210 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$33M
1Y total return
+13.5%
Yield · Last 12 months
2.91%
Holdings
16
Avg volume · 30D
0M sh
NAV per share
$41.48
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 24, Mission not scored, Tradability 41, Holdings not scored, Durability 29. Strongest: Tradability (41). Weakest: Risk (24). 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.
    F24 out of 100
    Rank 68 of 76

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C41 out of 100
    Rank 50 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.
    D29 out of 100
    Rank 67 of 77

Our read on FEBZ

ETF.net Research

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

  1. 01No 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. 02Actively 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
  3. 03Running 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

  1. 01Uncapped 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
  2. 02The 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
  3. 03Fee 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 Holdings

As of Oct 13, 2026
Asset class
Stocks
Holdings
16
Top-10 weight
100%
Largest holding
Treasury Bill B 01/21/2791.0%

Sectors

  • Technology37.9%
  • Financials11.7%
  • Communication10.0%
  • Consumer Discretionary9.6%
  • Health Care9.1%
  • Industrials8.4%
  • Consumer Staples4.6%
  • Energy3.0%
  • Utilities2.3%
  • Real Estate1.9%
  • Materials1.7%
The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Treasury Bill B 01/21/2790.98%30,157,800$30M18
002—SPY 01/29/27 C692.00 Euro Cash Flex4.63%152$2M1
003—SPY 01/29/27 C719.00 Euro Cash Flex1.66%72$543K1
004—SPY 01/29/27 C717.00 Euro Cash Flex1.39%59$456K1
005—SPY 01/29/27 C728.00 Euro Cash Flex0.66%32$217K1
006—SPY 01/29/27 C756.01 Euro Cash Flex0.30%22$98K1
007—SPY 01/29/27 C772.01 Euro Cash Flex0.18%18$59K1
008—SPY 01/29/27 C741.00 Euro Cash Flex0.16%9$51K1
009—Broker Sweep0.10%33,844$34K14
010—SPY 01/29/27 C774.00 Euro Cash Flex0.10%10$32K1
011—State Street Inst U.s. Government Mmkt Admn Class0.09%30,016$30K23
012—SPY 01/29/27 C710.00 Euro Cash Flex0.05%2$17K1
013—SPY 01/29/27 C700.00 Euro Cash Flex0.03%1$9K1
014—SPY 01/29/27 C714.00 Euro Cash Flex0.02%1$8K1
015—SPY 01/29/27 C734.00 Euro Cash Flex0.02%1$6K1

Showing 1–15 of 16 holdings

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$11,346
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. FEBZ $11,346. SPY $12,044. Use the arrow keys to read each point.$9,582$10,912$12,243Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

Returns run to the Oct 12, 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+10.0%
1 month+1.3%
3 months+1.8%
1 year+13.5%
3 yearsper year+16.0%
5 yearsper year+11.1%
10 yearsFund is under 10 years oldper year—

As of the close, 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+10.0%
2025+12.9%
2024+16.9%
2023+20.6%
2022−10.3%
2021+20.5%

History from Feb 1, 2021

FEBZ in the news

Filtered to FEBZ · S&P 500 Buffer 9-12%

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 Oct 12, 2026.
2.91%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

FEBZ Risk

How much the fund’s monthly returns vary, scaled to a year.
9.1%
Annualised · 36 months to Sep 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.
1.18
vs 3-month T-bills · to Sep 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.

FEBZ Cost

Expense ratio0.79%
  • The middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

33 of the 77 S&P 500 Buffer 9-12% funds charge less.

FEBZ costs $79.00 a year on $10,000. The median S&P 500 Buffer 9-12% fund costs $79.00.

Other funds in S&P 500 Buffer 9-12%

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