WBI BullBear Yield 3000 ETF

WBI BullBear Yield 3000 ETF (WBIG) is an actively managed fund that picks stocks and bond funds with attractive yields, may use options, and can shift heavily into cash when its manager sees risk. It aims for smoother returns than a typical stock fund, but its 1.75% expense ratio is higher than all five similar funds, which average 0.71%. Its record is modest: 2.48% a year over the 10 years to December 31, 2025.

• Over the year to Oct 27, 2026, WBIG returned +13.8%, 4th of 6 among similar funds.
• Its 5-year annualized return was +1.8%.
• Its worst full calendar year was 2022 (-7.7%); its best was 2021 (+16.0%).
• The deepest fall in its price history was 25.3% (Mar 25, 2022 to Apr 21, 2025), recovered by Aug 7, 2026.

As of Jun 30, 2026, the fund held 82 securities; the ten largest made up 21.08% of assets. It also reported 22.5% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

By sector

• Over the three months to Jun 30, 2026, investors withdrew a net $2.5M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +3.98%, +3.60%, +2.30%.

WBIG does not track an index. Its sub-advisor, WBI Investments, uses computer screens of company financials to find securities with attractive yields. It looks at how consistent their dividend or interest payments are, and may then check price trends to time purchases. It can own US and foreign stocks of any size, real estate investment trusts (REITs), bonds and bond ETFs. That includes up to 20% in high-yield ("junk") bonds and up to 50% in emerging markets.

The manager can also play defense. Its process includes stop-loss rules, and cash counts as one of the investments it weighs, so the fund may hold a large share of its assets in cash. The prospectus also allows options. One example is writing covered calls, which means collecting a fee in exchange for capping the gain on a stock it owns. Another is purchasing puts, which gain when prices fall. The June 30, 2026 holdings report listed no option positions.

Holdings change fast. The prospectus reports portfolio turnover of 576%, meaning the fund trades several times its portfolio's value in a year. As of June 30, 2026, it held 82 securities, with about 12% of assets in other funds. The largest were the WisdomTree Interest Rate Hedged US Aggregate Bond Fund (2.6%), Angel Oak High Yield Opportunities ETF (2.4%) and Amphenol (2.4%).

• WBIG charges 1.75% a year, versus an average of 0.71% for the similar funds below (6th of 6, cheapest first).
• Of that, 0.85% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.01% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $179 in the first year and $2,024 over 10 years (assuming a 5% annual return).

Its daily swings have been modest, but results hinge on one manager's tactical calls, it costs 1.75% a year, and it took until August 2026 to regain its March 2022 high.

WBIG launched in August 2014, after the 2008 crisis, and lost 3.46% in 2020, the year of the COVID crash. From the market's January 2022 peak to its October 2022 low, the fund lost 6.6%. But it did not regain its March 2022 high for years. By April 21, 2025 it was 25.3% below that peak, and it only recovered on August 7, 2026. Its worst calendar year since 2016 was 2018, a 7.98% loss. Any withdrawals during that stretch meant cashing out below the old high.

Income is light despite the "Yield" name: the trailing yield was 1.07% as of October 27, 2026, paid monthly. Costs are high. In the SEC's standard example, a $10,000 investment would cost $179 in the first year and $2,024 over 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).