At a glance
WBIF charges 1.7% a year, above the 0.32% average of the 6 funds most like it (the most expensive of 7). It has $23.5M in assets, the 7th largest of that group. Over the past year it returned +15.9% with distributions reinvested (S&P 500: +11.5%), 6th of those 7 funds; over three years it returned +13.3% a year. At its worst it fell 13.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 36 months after the low. Its ten largest positions make up 23.8% of the fund, out of 74 in all.
The short version
WBI BullBear Value 3000 ETF (WBIF) is an actively managed fund that uses computer screens to pick value-priced US and foreign stocks of any size, and can hold cash, bonds or options to try to limit losses. What sets it apart is cost and trading: a 1.70% annual fee (expense ratio), against a 0.32% average for similar funds, and portfolio turnover of 613%, meaning it replaces its holdings several times a year.
Price history
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WBIF +15.9% 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 | |
|---|---|---|---|---|---|---|
| WBIF official prospectus, to Dec 31, 2025 | — | +8.91% | — | +3.88% | +4.07% | +2.82% |
| WBIF price data to Oct 27, 2026 | +18.3% | +15.9% | +13.3% | +4.6% | — | +6.3% |
- Over the year to Oct 27, 2026, WBIF returned +15.9%, 6th of 7 among similar funds.
- Its 5-year annualized return was +4.6%.
- Its worst full calendar year was 2022 (-8.4%); its best was 2021 (+16.5%).
- The deepest fall in its price history was 20.3% (Apr 8, 2022 to Oct 27, 2023), recovered by Oct 6, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +18.3% | — |
| 2025 | +9.2% | +8.91% |
| 2024 | +3.4% | +3.53% |
| 2023 | +0.5% | +0.43% |
| 2022 | -8.4% | -8.60% |
| 2021 | +16.5% | +16.86% |
| 2020 | — | -2.63% |
| 2019 | — | +2.76% |
| 2018 | — | -4.15% |
| 2017 | — | +18.85% |
| 2016 | — | +8.13% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 7.5% over that stretch · deepest drop along the way 13.1%, back to its old high 36.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.0400 | -87.9% |
| 2024 | $0.3300 | +41.6% |
| 2023 | $0.2330 | -13.7% |
| 2022 | $0.2700 | -65.8% |
| 2021 | $0.7900 |
What's inside
As of Jun 30, 2026, the fund held 74 securities; the ten largest made up 23.84% of assets. It also reported 21.31% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Amphenol Corp | 3.40% | |
| Lennox International Inc | 2.68% | |
| Ball Corp | 2.62% | |
| American Express Co | 2.28% | |
| Kinsale Capital Group Inc | 2.27% | |
| Interactive Brokers Group Inc | 2.26% | |
| Piper Sandler Cos | 2.14% | |
| Yum China Holdings Inc | 2.11% | |
| McKesson Corp | 2.05% | |
| Somnigroup International Inc | 2.04% | |
| Astera Labs Inc | 2.03% | |
| Valmont Industries Inc | 1.87% | |
| Jacobs Solutions Inc | 1.69% | |
| TD SYNNEX Corp | 1.68% | |
| Selective Insurance Group Inc | 1.65% |
By country
United States 90.94%United Kingdom 2.17%China 2.11%Ireland 1.68%Netherlands 1.26%By asset type
Stocks 99.1%By sector
Sectors of the companies held, for the 44.5% of the fund in companies that have a stock page here; other holdings and cash aren't classified. 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 withdrew a net $2.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.36%, +4.20%, +3.94%.
How it works
WBIF doesn't track an index. It is actively run by sub-advisor WBI Investments, LLC, an affiliate of the advisor, Millington Securities, LLC. The sub-advisor uses quantitative computer screens of company financial data to find stocks with attractive value characteristics. It may then use technical analysis, the study of price trends, to time purchases. The fund can own US and foreign stocks of any size, with up to 50% in emerging markets, plus real estate investment trusts, other ETFs and bonds, including up to 20% in high-yield “junk” bonds.
The prospectus calls this an “absolute return” approach, aiming for consistent returns with less volatility than traditional approaches. Its process includes stop-loss and goal-setting rules. It may hold a large share of assets in cash and may use options, such as writing covered calls (collecting a fee in exchange for capping gains) or purchasing puts (insurance against falls). As of June 30, 2026, it held no options and was 99.1% in stocks, spread across 74 holdings. The largest were Amphenol (3.4%), Lennox International (2.7%) and Ball Corp (2.6%); the top 10 made up 23.84%.
Trading is heavy. The prospectus reports 613% portfolio turnover, the equivalent of replacing the portfolio several times in a year. That raises trading costs, can produce taxable capital gains distributions, and means the holdings above can change quickly.
What it really costs
- WBIF charges 1.7% a year, versus an average of 0.32% for the similar funds below (7th of 7, cheapest first).
- Of that, 0.85% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.12% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $173 in the first year and $2,127 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| WBIF | $173 | $561 | $974 | $2,127 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
In a retirement portfolio
Its tactical, high-turnover strategy, 1.70% expense ratio and small size ($23.5 million in net assets as of June 30, 2026) make it a bet on one manager's models, not a foundation.
WBIF could add an actively managed value position that has moved less than the market: its one-year beta, a gauge of market sensitivity, was 0.63 as of October 27, 2026. It launched in 2014, after the 2008 crisis, and lost 2.63% in calendar 2020, the COVID crash year. In the 2022 bear market it fell 13.1%, then kept sliding after the market's October 2022 low, hitting a low 20.3% below its April 2022 peak on October 27, 2023. It regained that peak only on October 6, 2025. Its worst calendar year was 2022, at -8.6%. Withdrawals in that stretch meant cashing out below the peak for years.
It made no distributions in the year to October 27, 2026, and its 1.70% expense ratio compares with a 0.32% average for similar funds. 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
- Investors wanting a manager to pick value stocks of any size, with freedom to hold cash or bonds, who accept a 1.70% annual cost.
- People wanting a small satellite position with lower market sensitivity; its one-year beta was 0.63 as of October 27, 2026.
- Investors holding it in a tax-deferred account such as an IRA, where capital gains from 613% turnover matter less.
Look elsewhere if
- Cost-conscious investors: large value funds such as Vanguard Value ETF (VTV) charge 0.04%, versus WBIF's 1.70%, though they follow a different strategy.
- Retirees who need regular income: WBIF made no distributions in the year to October 27, 2026, despite listing current income among its objectives.
- Anyone counting on downside protection: it fell 20.3% from April 2022 to October 2023 and needed until October 2025 to regain its peak.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| WBIF this fund | — | 1.7% | $23.5M | +15.9% | +13.3% |
| WBIG WBI BullBear Yield 3000 ETF · different strategy | 47% | 1.49% | $27.5M | +13.8% | +10.4% |
| VTV Vanguard Value ETF · different strategy | 9% | 0.04% | $254.48B | +25.4% | +22.3% |
| VBR Vanguard Small Cap Value ETF · different strategy | 7% | 0.07% | $67.80B | +20.8% | +19.8% |
| VOE Vanguard Mid-Cap Value ETF · different strategy | 7% | 0.07% | $37.23B | +25.1% | +21.7% |
| SPYV SPDR Portfolio S&P 500 Value ETF · different strategy | 7% | 0.04% | $35.30B | +16.8% | +17.8% |
| IVE iShares S&P 500 Value ETF · different strategy | 7% | 0.18% | $47.74B | +16.7% | +17.7% |
Questions investors ask
Does WBIF pay dividends?
No. WBIF made no distributions in the 12 months to October 27, 2026, so its yield for that period was 0%. That is despite an objective that includes the potential for current income. Its holdings and option strategies could generate payouts, but none came in that period. Any option income it does earn is usually taxed as ordinary income rather than as lower-taxed qualified dividends, and its 613% turnover can also lead to taxable capital gains distributions.
What is WBIF's expense ratio?
WBIF's expense ratio is 1.70% a year, according to its prospectus filed October 27, 2026. That includes a 0.85% management fee, and the prospectus also shows a 0.12% fee waiver. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $173 over one year, $561 over three, $974 over five and $2,127 over ten. It ranks 7th of 7 on cost in its comparison group; the six other funds average 0.32%.
What's the difference between WBIF and WBIG?
WBIG, the WBI BullBear Yield 3000 ETF, is a sister fund with the largest holdings overlap with WBIF of the funds compared, but it follows a different strategy, with “Yield” rather than “Value” in its name. It charges 1.49% versus WBIF's 1.70%. As of October 27, 2026, WBIG returned 13.8% over one year and 10.4% a year over three, against WBIF's 15.9% and 13.3%. Both trailed Vanguard Value ETF (VTV), which costs 0.04% and returned 22.3% a year over three years as of October 30, 2026.
What is WBIF's 10-year return?
WBIF returned 4.07% a year over the 10 years to December 31, 2025, according to its prospectus. It returned 3.88% a year over five years, 8.91% over one year, and 2.82% a year since its August 2014 launch. Price-based returns to October 27, 2026 were stronger: 15.9% over one year and 18.3% year to date. Calendar years ranged from a gain of 18.85% in 2017 to a loss of 8.6% in 2022.
Did WBIF hold up in the 2022 bear market?
Not fully. WBIF lost 8.6% in calendar 2022, its worst year from 2016 through 2025, according to its prospectus. It fell 13.1% from April 8 to September 27, 2022, then kept falling after the market's October 2022 low, hitting a low 20.3% below its peak on October 27, 2023. It did not regain that peak until October 6, 2025. The strategy aims for less volatility, but this stretch shows it can still suffer deep, lasting losses.