FEBZ
TrueShares Structured Outcome (February) ETF
FEBZ aims for specific buffered losses on the S&P 500 over a specific holdings period with uncapped gains, subject to strategy costs. The actively-managed fund holds options and collateral.
Risk Management
DERIVATIVES
Active
MANAGEMENT STYLE
12.4 M
ASSETS UNDER MGMT
79 bp
EXPENSES
Fund Basics
| Fund sponsor | TrueMark Investments |
| Category | Risk Management |
| Asset class | Derivatives |
| Website | link... |
| Inception date | Jan 31, 2021 |
| Assets (mns) | $12 |
| Expense ratio | 79 bp |
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Derivatives-based | Yes |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top Holdings
| UNITED STATES TREASURY BILL 01/22/2026 | 69.4 % |
| CASH & OTHER | 25.6 % |
| SPY 01/30/2026 601.82 C | 6.6 % |
| SPY 01/30/2026 541.64 P | -1.7 % |
Asset Allocation
Historical Performance
Standardized Performance (as of 09/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 11.2% | 8.7% | 12.8% | 15.1% | -- | -- | -- | 9.5% |
| Dividend Yield | 0.0% | 0.0% | 3.8% | 2.6% | -- | -- | -- | 1.6% |
| Total Returns | 11.2% | 8.7% | 16.6% | 17.7% | -- | -- | -- | 11.1% | Ann. Volatility | 15.7% | 15.2% | 12.5% | 12.5% | -- | -- | -- | 12.8% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.75 | 90% |
| MSCI EAFE | 0.43 | 37% |
| MSCI Emg Mkts | 0.26 | 16% |
Liquidity Measures
| Avg. volume (000) | 1 |
| ADV traded (mns) | $0 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.36% |
Technical Indicators
| Recent close | $37.66 |
| 30d moving avg. | $37.68 |
| Annualized volatility | 10.5% |
| Relative strength (RSI) | 67 |
| Short interest | 0.9% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Expense Analysis
| Peer Group | Active Risk Management Derivatives ETFs |
| # of ETFs | 198 |
| Avg. Expense Ratio | 94.2 bp |
| Std. Deviation | 22.7 bp |
| FEBZ (79 bp) Percentile rank | 25 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| FEBZ | 79.0 | 36.0 | 115.0 |
| Peer Avg. | 94.2 | 30.6 | 124.8 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .