At a glance
QBER charges 0.79% a year. It has $72.7M in assets; it paid 3.28% of its price in distributions over the past 12 months, annual. Over the past year it returned −0.3% with distributions reinvested.
The short version
TrueShares Quarterly Bear Hedge ETF (QBER) is an actively managed fund. It keeps at least 98% of its assets in short-term, high-quality debt, mainly US Treasury bills, and spends a small slice on put options on SPY, an S&P 500 fund. The aim is to hold its value in normal markets and gain when large US stocks fall. It charges 0.79% a year and, by design, gives up stock market gains.
Price history
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QBER -0.3% 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 | |
|---|---|---|---|---|---|---|
| QBER official prospectus, to Dec 31, 2025 | — | -0.27% | — | — | — | -0.11% |
| QBER price data to Oct 27, 2026 | -0.7% | -0.3% | — | — | — | -0.2% |
- Over the year to Oct 27, 2026, QBER returned -0.3%.
- Its worst full calendar year was 2025 (+0.3%); its best was 2025 (+0.3%).
- The deepest fall in its price history was 5.7% (Aug 5, 2024 to Jul 2, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.7% | — |
| 2025 | +0.3% | -0.27% |
| 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 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.7800 |
What's inside
As of Jul 31, 2026, the fund held 3 securities; the ten largest made up 99.62% of assets.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 33.30% | |
| Treasury Bill Bonds and notes | 33.21% | |
| Treasury Bill Bonds and notes | 33.11% |
By country
United States 99.62%By issuer
US Treasury 99.62%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $11.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.17%, +0.08%, +0.21%.
How it works
QBER does not follow an index. Its adviser runs the strategy in rolling three-month periods. At least 98% of assets go into an "income" portion of short-term debt. That debt typically matures in about three months and never in more than one year. The fund may hold US government securities, bond ETFs and corporate debt. It may also use "box spreads", a four-part options trade with a fixed payout that works like a money market instrument. As of July 31, 2026, 99.62% of assets were in three Treasury bills maturing in August, September and October 2026, each about a third of the fund.
The rest buys put options. A put gives the right to sell an asset at a set price. It gains value when that asset falls and can expire worthless when it rises. The fund generally spends the interest it expects to earn, minus its 0.79% management fee, on puts tied to large US companies. When rates are very low, it may spend up to 1% of principal per quarter. As of July 31, 2026, it held 16 FLEX put options on SPY, worth 0.43% of assets. FLEX options are customized contracts listed on Cboe, and the Options Clearing Corporation guarantees their settlement.
The trade-off: when stocks rise, the money spent on puts can be lost, which eats into the interest earned. The prospectus says the strategy will underperform in rising stock markets.
What it really costs
- QBER charges 0.79% a year.
- 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 |
|---|---|---|---|---|
| QBER | $81 | $252 | $439 | $977 |
Structure and tax notes
- 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 aims to gain when large US stocks fall, while keeping almost all its assets in Treasury bills.
QBER launched on June 28, 2024, so it has no record from the 2008, 2020 or 2022 sell-offs. Its hedge has not been tested in a deep bear market. Its official return for 2025 was -0.27%. As of December 31, 2025, its average annual return since launch was -0.11%. Its deepest drop was 5.7%, from August 5, 2024 to July 2, 2026, and it had not recovered as of October 27, 2026. So a fund built for safety still lost value over this stretch, which matters for anyone who may sell shares for cash. The trailing yield was 3.28% as of October 27, 2026, paid once a year, but spending on puts has offset that interest. Costs are 0.79% a year, or $81 in the first year on $10,000 under the SEC example. Past results don't predict the future. A plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a small, limited-cost hedge against a US stock drop, with at least 98% of assets in short-term Treasury bills.
- People willing to give up cash-like returns in calm markets in exchange for SPY put options that may pay off in sell-offs.
- Holders comfortable with a single annual payout; the trailing yield was 3.28% as of October 27, 2026.
Look elsewhere if
- Anyone seeking a cash substitute: QBER returned -0.27% in 2025 even though it held mostly Treasury bills.
- Cost-conscious savers: the 0.79% yearly fee adds up to $977 over 10 years on $10,000 in the SEC example.
- Investors wanting a tested record: QBER launched in June 2024 and has not yet been through a major bear market.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
No close alternatives found.
Questions investors ask
How does QBER protect against a stock market crash?
QBER buys put options on SPY, an S&P 500 fund. Puts generally rise in value when stocks fall. At least 98% of the fund sits in short-term debt, mostly Treasury bills, so a small amount of puts carries the hedge. As of July 31, 2026, the puts were worth 0.43% of assets. If stocks rise instead, those puts can expire worthless. The fund has not yet been through a major bear market.
Can you lose money in QBER?
Yes. The fund's official return for 2025 was -0.27%. As of December 31, 2025, its average annual return since launch was -0.11%. Its deepest drop was 5.7%, from August 5, 2024 to July 2, 2026, and it had not recovered as of October 27, 2026. Losses come mainly from put options expiring worthless and from the 0.79% fee, which can outweigh the interest the Treasury bills earn.
Does QBER pay dividends?
Yes, once a year. The trailing 12-month yield was 3.28% as of October 27, 2026, or $0.78 per share. That payout comes largely from interest on the fund's Treasury bills. The yield is not the same as total return. Over the year to October 27, 2026, the share price return was -0.3%, because the fund spends much of its interest on put options.
What is QBER's expense ratio?
QBER's expense ratio is 0.79% a year, all of it a management fee, according to the prospectus filed February 27, 2026. The SEC's standard example assumes $10,000 invested and a 5% annual return. On that basis, costs would be about $81 after one year, $252 after three, $439 after five and $977 after ten. Reported portfolio turnover was 0%.
Is QBER the same as a Treasury bill ETF?
No. QBER holds mostly Treasury bills: three issues made up 99.62% of assets as of July 31, 2026. But it also spends roughly its expected interest, net of its fee, on SPY put options each quarter. A plain Treasury bill fund keeps that interest. QBER gives it up in exchange for potential gains when large US stocks fall, so its returns can lag cash in calm or rising markets.