FEBZ vs XTR

FEBZDTrueShares Structured Outcome (February) ETF

XTRCGlobal X S&P 500 Tail Risk ETF

In short

FEBZ Most 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.

XTR Most downside-protection ETFs sell away your upside to pay for it. XTR pays cash instead: it owns the S&P 500 stocks and buys 10% out-of-the-money puts every quarter, leaving the upside uncapped.

Stated mandate

FEBZ 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.

XTR The Fund seeks to track the performance of the Cboe S&P 500 Tail Risk Index before fees and expenses.

Why people hold it

• FEBZ 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

• XTR No cap on the gains. The hedge is bought with cash rather than funded by selling calls, so index rallies come through less the put premium and fees.sec.gov
• Costs 0.25%, well under half of what the defined-outcome funds it competes with typically charge for downside protection.
• Owns the roughly 500 S&P 500 stocks themselves, with the put position layered on top, rather than wrapping the index in a stack of options.sec.gov
• Rules-based and mechanical: puts are bought at 10% below the prevailing index level each quarter and held to expiration, with no manager guessing at timing.sec.gov

Worth knowing

• FEBZ 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.

• XTR Protection starts about 10% down and resets quarterly, so garden-variety dips are absorbed in full and the gap widens if the market rallies mid-quarter.sec.gov
• Insurance is not free. The quarterly premium is a steady cost against plain index exposure, and in calm markets the puts expire worthless.sec.gov
• A small fund that trades thinly, so limit orders matter and subscale products carry more risk of being closed than the category's giants.

Full FEBZ profile⁠

Full XTR profile⁠