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ONEH

GradeDChicago Board Options Exchange

TrueShares Equity Hedge ETF

Multi-Asset & Alternatives · TrueShares · Inception 2026-01-28 · SEC filings

$24.52+0.07 (+0.27%)

As of Sep 23, 2026, 3:04 PM EDT

History starts Jan 30, 2026.History starts Jan 30, 2026.
Intraday session: up, 10 prints from 24.45 to 24.52. Range 24.44 to 24.52. Use the arrow keys to read each point.$24.44$24.46$24.48$24.5010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$30M
1Y return
—
Yield · Last 12 months
—
Holdings
9
Volume · 30D
0M sh
NAV per share
$24.45
52W range
low $24.11high $26.03

The ETF.net ONEH Grade

D

37/ 100

Rank 10 of 13 in Portfolio Hedging⁠

Confidence Low

Six-pillar profile for ONEH. Scores out of 100: Cost 34, Risk 59, Mission not scored, Tradability 28, Holdings not scored, Durability 13. Strongest: Risk (59). Weakest: Durability (13). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 37 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.
    DScore 34
    Category rank8/13 · 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.
    BScore 59
    Category rank6/13 · top 46%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 28
    Category rank11/13 · bottom quartile

  • 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.
    FScore 13
    Category rank13/13 · bottom quartile

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

Our read on ONEH

ETF.net Research

DMost tail hedges only play defense. ONEH keeps an "always on" put position on the S&P 500, then harvests part of any hedge gains into calls to chase the bounce. A crash-and-recovery tool, actively run, new since 2026.

Stated mandate

The Fund seeks to profit from equity market declines and subsequent reversals, with income as a secondary objective. It pursues this through actively managed long put and long call strategies implemented primarily with unfunded total return swaps.

Why people hold it

  1. 01The recovery leg is the twist: when the put hedge gains value, part of that profit is tactically reallocated to a call strategy aimed at a market reversal, not parked in cash.true-shares.com
  2. 02The strategic hedge is meant to stay "always on" through long puts, so there is no guessing about when to switch protection on before a drawdown.true-shares.com
  3. 03One ticker instead of running your own put book: strike selection, rolls and profit-taking sit with an active manager, implemented mainly through unfunded total return swaps.

Worth knowing

  1. 01The 0.79% fee sits above long-running hedging peers such as TAIL (0.59%) and CAOS (0.63%).
  2. 02Built as a hedge sleeve, not a core stock holding: long put exposure generally loses value in calm, rising markets. That is the price of keeping protection on.true-shares.com
  3. 03A 2026 launch with a short history, and because the strategy runs largely through swaps, the banks on the other side of those contracts matter. Income is only a secondary objective.

ONEH Holdings

As of Sep 20, 2026, 6:45 AM
Asset class
Stocks
Holdings
9
Top-10 weight
200%
Largest holding
TREASURY BILL B 10/27/2650.5%

Geography

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—TREASURY BILL B 10/27/2650.49%15,400,000$15M16
002—RECV RCXTETPT TAIL PROTECTION49.27%143,340$15M1
003—RECV RCXTESHT SHALLOW HEDGE48.99%162,028$15M1
004—TREASURY BILL B 09/02/2747.37%15,000,000$14M11
005—STATE STREET INST U.S. GOVERNMENT MMKT ADMN CLASS3.41%1,036,392$1M23
006—RECV RCXTSLCT CALL BUYING0.33%691$100K1

Showing 1–6 of 6 holdings

ONEH Performance

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

ONEH$9,947
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. ONEH $9,947. SPY $10,415. Use the arrow keys to read each point.$9,741$10,122$10,502Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – 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 ONEH. Periods over one year show the average yearly return.
PeriodONEH
Year to dateFund launched this year—
1 month−0.4%
3 months−0.5%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—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 ONEH
YearReturn barONEH
2026 YTD−1.5%

History from Jan 30, 2026

ONEH in the news

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

ONEH 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.
—Last 12 months
Payout per share
—Last 12 months

Listed Jan 2026. No distributions yet.

ONEH Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Jan 2026; fills in after 12 months
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.
—
Launched Jan 2026; fills in after 12 months
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.
—
Launched Jan 2026; fills in after 12 months
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.
0.20
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.

ONEH Cost

Expense ratio0.79%
  • The middle half of Portfolio Hedging funds
  • Median 0.63%

7 of the 11 Portfolio Hedging funds charge less.

ONEH costs $79.00 a year on $10,000. The median Portfolio Hedging fund costs $63.00.