Skip to content
etf.net

FEBZ

GradeDChicago Board Options Exchange

TrueShares Structured Outcome (February) ETF

Buffered · TrueShares · Inception 2021-01-29

$41.09−0.23 (−0.55%)

As of Sep 23, 2026, 2:20 PM EDT

Intraday session: down, 55 prints from 41.32 to 41.09. Range 40.93 to 41.26. Use the arrow keys to read each point.$40.90$41.00$41.2010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$33M
1Y return
+11.4%
Yield · Last 12 months
2.91%
Holdings
17
Volume · 30D
0M sh
NAV per share
$41.31
52W range
low $35.59high $41.58

The ETF.net FEBZ Grade

D

39/ 100

Rank 60 of 77 in S&P 500 Buffer 9-12%⁠

Confidence Medium

Six-pillar profile for FEBZ. Scores out of 100: Cost 40, Risk 26, Mission not scored, Tradability 55, Holdings not scored, Durability 30. Strongest: Tradability (55). Weakest: Risk (26). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 39 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 40
    Category rank49/77 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 26
    Category rank62/73 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 55
    Category rank34/77 · top 44%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    DScore 30
    Category rank68/77 · bottom quartile

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

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 Sep 20, 2026, 6:45 AM
Asset class
Stocks
Holdings
17
Top-10 weight
100%
Largest holding
TREASURY BILL B 01/21/2792.3%

Sectors

The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—TREASURY BILL B 01/21/2792.30%30,178,800$30M14
002—SPY 01/29/27 C692.00 Euro Cash Flex4.14%152$1M1
003—SPY 01/29/27 C719.00 Euro Cash Flex1.45%72$467K1
004—SPY 01/29/27 C717.00 Euro Cash Flex1.22%59$392K1
005—SPY 01/29/27 C728.00 Euro Cash Flex0.57%32$184K1
006—SPY 01/29/27 C756.01 Euro Cash Flex0.25%22$80K1
007—SPY 01/29/27 C772.01 Euro Cash Flex0.15%18$47K1
008—SPY 01/29/27 C741.00 Euro Cash Flex0.13%9$43K1
009—BROKER SWEEP0.10%33,746$34K14
010—STATE STREET INST U.S. GOVERNMENT MMKT ADMN CLASS0.09%30,169$30K23
011—SPY 01/29/27 C774.00 Euro Cash Flex0.08%10$25K1
012—SPY 01/29/27 C710.00 Euro Cash Flex0.04%2$14K1
013—SPY 01/29/27 C700.00 Euro Cash Flex0.03%1$8K1
014—SPY 01/29/27 C714.00 Euro Cash Flex0.02%1$7K1
015—SPY 01/29/27 C734.00 Euro Cash Flex0.02%1$5K1

Showing 1–15 of 16 holdings

FEBZ Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

FEBZ$11,137
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. FEBZ $11,137. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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+9.8%
1 month+0.8%
3 months+2.5%
1 year+11.4%
3 years+16.1%per year
5 years+10.9%per year
10 yearsFund is under 10 years old—per 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+9.8%
2025+12.9%
2024+16.9%
2023+20.6%
2022−10.3%
2021+20.5%

History from Feb 1, 2021

FEBZ in the news

ETF.net Research hasn’t filed on FEBZ yet — coverage lands here as it’s written.

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 Sep 22, 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.
9.5%
Annualised · 36 months to Aug 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.
1.02
vs 3-month T-bills · to Aug 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.
0.73
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.