At a glance
QBUL charges 0.79% a year. It has $27.9M in assets; it paid 8.85% of its price in distributions over the past 12 months, annual. Over the past year it returned −0.1% with distributions reinvested.
The short version
TrueShares Quarterly Bull Hedge ETF (QBUL) is an actively managed fund that puts nearly all its money in short-term, high-quality debt such as Treasury bills, then spends roughly the interest earned on call options, contracts that pay off if large US stocks rise. Its adviser expects it to capture 20% to 40% of large-company stock gains each quarter while aiming to protect principal, at a cost of 0.79% a year.
Price history
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QBUL -0.1% 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 | |
|---|---|---|---|---|---|---|
| QBUL official prospectus, to Dec 31, 2025 | — | +4.53% | — | — | — | +3.46% |
| QBUL price data to Oct 27, 2026 | +1.1% | -0.1% | — | — | — | +2.8% |
- Over the year to Oct 27, 2026, QBUL returned -0.1%.
- Its worst full calendar year was 2025 (+4.9%); its best was 2025 (+4.9%).
- The deepest fall in its price history was 2.5% (Oct 29, 2025 to Mar 27, 2026), recovered by May 6, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +1.1% | — |
| 2025 | +4.9% | +4.53% |
| 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 | $2.1300 |
What's inside
As of Jul 31, 2026, the fund held 3 securities; the ten largest made up 99.1% of assets.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 33.13% | |
| Treasury Bill Bonds and notes | 33.03% | |
| Treasury Bill Bonds and notes | 32.94% |
By country
United States 99.1%By issuer
US Treasury 99.1%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: +1.62%, -1.15%, -0.41%.
How it works
QBUL, from Truemark Group, is actively managed and does not track an index. Nearly all its money goes into high-quality debt that typically matures in about three months. As of July 31, 2026, it held three Treasury bills maturing August 20, September 17 and October 15, 2026, each about a third of assets. It may also use box spreads, four-option positions with one expiration date and a fixed payout, much like a cash investment.
Every three months, the fund purchases call options on large US stocks or indexes. A call is the right to purchase an asset at a set price (the strike), so it gains as the market rises. The adviser picks strikes at or above the market price, weighing recent volatility. Option spending roughly equals the interest earned minus the management fee, though in very low-rate periods it may spend up to 1% of principal per quarter. As of July 31, 2026, the fund held 10 FLEX options, customized exchange-listed contracts, on SPY, an S&P 500 ETF, worth 0.42% of assets.
When stocks rise, the calls capture part of the gain. When they fall, the calls can expire worthless, costing roughly the interest spent. That is how it seeks to protect principal, but protection is not guaranteed, and there is no preset cap or buffer.
What it really costs
- QBUL 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 |
|---|---|---|---|---|
| QBUL | $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
As of July 31, 2026, 99.1% of assets sat in Treasury bills and 0.42% in call options on an S&P 500 ETF, so swings have been small but so has upside.
QBUL launched on June 28, 2024, after the 2008, 2020 and 2022 sell-offs, so it has never faced a major crash. Its deepest drop was 2.5%, from October 29, 2025 to March 27, 2026, and it recovered by May 6, 2026, 1.3 months later. Its only full calendar year, 2025, returned 4.53%. So far, cashing out in a rough stretch would not have meant a deep loss, but its behavior in a severe stock decline is untested.
It pays once a year, so regular withdrawals would mean cashing in shares. It paid $2.13 per share over the 12 months to October 27, 2026, an 8.85% yield, yet its return over that span was about -0.1%. The 0.79% fee comes out of the interest that pays for its stock exposure. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Savers who would otherwise hold cash but want a modest link to large US stocks, with losses designed to stay small.
- Investors who prize small swings: its deepest decline since its 2024 launch was 2.5%, regained within about 1.3 months of its low.
- Those comfortable with options who want one fund pairing Treasury bills with call options on large US stocks, rather than building that mix themselves.
Look elsewhere if
- Anyone needing regular income: it pays once a year, and its 8.85% trailing yield came with a -0.1% one-year return through October 27, 2026.
- Growth-focused investors: the adviser expects to capture only 20% to 40% of quarterly large-stock gains, and the 0.79% fee trims the call-option budget.
- Those wanting a long record or a large fund: it launched in June 2024 and had $27.9 million in assets on July 31, 2026.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
No close alternatives found.
Questions investors ask
What does QBUL invest in?
QBUL holds mostly short-term, high-quality debt plus a small position in call options linked to large US stocks. As of July 31, 2026, three Treasury bills maturing in August, September and October 2026 made up 99.1% of assets, while 10 FLEX call options on SPY, an S&P 500 ETF, were worth 0.42%. The bills earn interest, and that interest pays for the options, which give the fund a share of stock-market gains.
Does QBUL pay monthly dividends?
No. QBUL pays distributions once a year. Over the 12 months to October 27, 2026, it paid $2.13 per share, a trailing yield (the past year's payouts divided by the price) of 8.85%. Because that reflects one annual payment, it can vary widely from year to year, and the share price drops by the amount paid. The fund's return over the same 12 months was about -0.1%, so the high yield did not mean high returns.
What's the difference between QBUL and a Treasury bill ETF?
Both hold short-term Treasury bills, but QBUL spends roughly the interest, after its 0.79% fee, on call options tied to large US stocks. That gives it a share of stock gains, which the adviser expects to be 20% to 40% of quarterly large-company gains, but it can lose money when the options expire worthless. Its strongest quarter through 2025 gained 2.68% and its weakest lost 0.73%, a wider range than a plain bill fund usually shows.
Can QBUL lose money?
Yes. Protecting principal is a goal, not a guarantee. If stocks fall over a quarter, the call options can expire worthless, and in very low-rate periods the fund may spend up to 1% of principal per quarter on them. Its deepest decline since launch was 2.5%, from October 29, 2025 to March 27, 2026. Over the 12 months to October 27, 2026, it returned about -0.1%, and its Sharpe ratio of -1.16, a gauge of return above cash per unit of risk, means it trailed cash.
What is QBUL's expense ratio?
QBUL's expense ratio, the yearly cost taken from fund assets, is 0.79%, all of it a management fee, according to its prospectus filed February 27, 2026. In the SEC's standard example, which assumes $10,000 invested and a 5% annual return, total costs would be about $81 after one year, $439 after five years and $977 after ten. Because the fund pays for its call options with interest left after this fee, the fee directly reduces the stock-market exposure it gets.