At a glance
FEBZ charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $30.3M in assets, the 8th largest of that group; it paid 2.92% of its price in distributions over the past 12 months, annual. Over the past year it returned +8.4% with distributions reinvested, the weakest of those 8 funds; over three years it returned +17.0% a year. At its worst it fell 17.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months after the low.
The short version
TrueShares Structured Outcome (February) ETF (FEBZ) uses options on the S&P 500 Price Return Index, backed mostly by Treasury bills, to seek the index's returns while aiming to cushion the first 8% to 12% of losses over each February-to-January period. Its 0.79% expense ratio undercuts the 0.86% average of similar buffer funds. The trade-offs: gains can lag the index, and with $30 million in net assets as of June 30, 2026, it is the group's smallest.
Price history
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FEBZ +8.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| FEBZ official prospectus, to Dec 31, 2025 | — | +12.74% | — | +11.69% | — | — |
| FEBZ price data to Oct 27, 2026 | +9.1% | +8.4% | +17.0% | +10.1% | — | +11.4% |
- Over the year to Oct 27, 2026, FEBZ returned +8.4%, 8th of 8 among similar funds.
- Its 5-year annualized return was +10.1%.
- Its worst full calendar year was 2022 (-10.3%); its best was 2023 (+20.6%).
- The deepest fall in its price history was 17.5% (Dec 29, 2021 to Oct 12, 2022), recovered by Jun 13, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.1% | — |
| 2025 | +12.9% | +12.74% |
| 2024 | +16.9% | +17.12% |
| 2023 | +20.6% | +20.64% |
| 2022 | -10.3% | -10.30% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 17.4% over that stretch · deepest drop along the way 17.5%, back to its old high 8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $1.2000 | -9.8% |
| 2024 | $1.3300 | -36.1% |
| 2023 | $2.0800 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 92.75% of assets.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 92.75% |
By country
United States 92.75%By issuer
US Treasury 92.75%The bonds mature in 0.6 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $15.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.71%, +4.06%, -0.96%.
How it works
FEBZ is actively managed by TrueMark Investments. It seeks the returns of the S&P 500 Price Return Index, the version that counts price changes but not dividends, over a 12-month outcome period running February 1 to January 31. Over that period it aims to absorb the first 8% to 12% of index losses, before fees; the adviser targets 10%.
On the first day of each period, the fund sells put options set about 8% to 12% below the index. Those puts pay their buyer if the index ends below that level, so the fund bears any loss past that point. The fund uses the cash it collects to buy call options set at the index's starting level, which gain if the index rises. How many calls that cash buys sets the fund's share of any gain, which can be substantially below the index's. It mainly uses FLEX options: customized exchange-traded contracts that settle only at expiry, guaranteed by the Options Clearing Corporation.
The bulk sits in Treasuries. As of June 30, 2026, a Treasury bill maturing January 21, 2027 was about 93% of net assets; 11 option positions, led by calls on SPY, an S&P 500 ETF, expiring January 29, 2027, made up about 7%. Shares bought or sold mid-period can see results far from the stated buffer.
What it really costs
- FEBZ charges 0.79% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $977 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FEBZ | $81 | $252 | $439 | $977 |
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It offers S&P 500 exposure with a partial cushion against the first 8% to 12% of losses each period, though it still fell 17.5% in the 2022 bear market.
FEBZ could add a cushion against moderate stock declines while keeping some upside. Launched in January 2021, it has no 2008 or 2020 record. Its deepest drop came in the 2022 bear market: 17.5% from a December 29, 2021 peak to an October 12, 2022 low. It regained that peak on June 13, 2023, 8 months later. Its worst calendar year, 2022, was a 10.3% loss. Because the buffer is measured over a full February-to-January period, a retiree selling partway through a bad year may get less protection than the headline 8% to 12%.
Income is minor: a 2.92% trailing 12-month yield as of October 27, 2026, paid once a year. Its 0.79% expense ratio works out to $81 after one year and $977 after 10 in the SEC's standard $10,000 example. Past results don't predict future ones, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure with a cushion against the first 8% to 12% of losses each February-to-January period, accepting smaller gains.
- Buyers able to invest near February 1 and hold to January 31, the window over which the buffer is designed to work.
- Cost-conscious buffer-fund shoppers: its 0.79% expense ratio ties for lowest among eight similar funds and sits below the 0.86% peer average.
Look elsewhere if
- Retirees needing regular income: it pays once a year, with a 2.92% trailing yield as of October 27, 2026.
- Investors needing protection from deep crashes: losses beyond the 8% to 12% buffer pass through, and it fell 17.5% in the 2022 bear market.
- Those seeking full stock-market upside: its price-only index excludes dividends, and its 8.4% one-year return through October 27, 2026 ranked last of eight buffer funds.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| FEBZ this fund | 0.79% | $30.3M | +8.4% | +17.0% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
How does the FEBZ buffer work?
FEBZ aims to absorb the first 8% to 12% of losses in the S&P 500 Price Return Index, before fees, over each period from February 1 to January 31; the adviser targets 10%. If the index falls further, the fund is designed to lose 8 to 12 percentage points less than the index. Gains can be substantially smaller than the index's. The buffer applies only to shares held for a full period, and there is no guarantee it will work.
What does FEBZ hold?
Mostly Treasury bills, plus a small slice of options. As of June 30, 2026, a single Treasury bill maturing January 21, 2027 made up about 93% of the fund's $30.3 million in net assets. Eleven option positions made up about 7%, the largest being FLEX call options on SPY, an S&P 500 ETF, expiring January 29, 2027. The fund owns no stocks directly; its stock-market exposure comes from the options.
Does FEBZ pay dividends?
Yes, but only once a year. Its trailing 12-month yield was 2.92% as of October 27, 2026, or about $1.20 per share. Because the fund holds Treasury bills and options rather than stocks, the payout is not a pass-through of company dividends, and the S&P 500 Price Return Index it follows leaves dividends out of its return. Investors who rely on monthly or quarterly income may find the annual schedule awkward.
FEBZ vs FFEB: what's the difference?
Both are February-series buffer funds, but FEBZ costs less, is far smaller and has trailed FFEB's returns. FEBZ charges 0.79% versus 0.85% for FT Vest U.S. Equity Buffer Fund - February (FFEB). FFEB had about $1.42 billion in net assets as of August 31, 2026, against roughly $30 million for FEBZ as of June 30, 2026. Through October 27, 2026, FFEB returned 12.9% over one year and 18.6% a year over three, versus 8.4% and 17% for FEBZ. Their designs may differ, so the prospectuses are worth comparing.
How did FEBZ do in 2022?
It lost 10.3% in calendar 2022, its worst full calendar year since launching in January 2021. From its December 29, 2021 peak to its October 12, 2022 low, it fell 17.5%, and it took until June 13, 2023, about 8 months after the low, to recover. Its worst quarter was a 10.75% drop in the three months ending June 30, 2022. The buffer cushions a full February-to-January period, not every dip along the way.