WBI BullBear Quality 3000 ETF

WBI BullBear Quality 3000 ETF (WBIL) is an actively managed fund that mainly holds stocks. Its sub-advisor, WBI Investments, screens companies for financial strength, uses price trends to time entries, and can shift into cash, bonds or options when it sees risk. It stands out for cost and trading: a 1.70% annual expense ratio versus a 0.33% average for similar funds, and 733% turnover, meaning holdings were replaced several times in a year.

• Over the year to Oct 27, 2026, WBIL returned +12.2%, 5th of 7 among similar funds.
• Its 5-year annualized return was +5.9%.
• Its worst full calendar year was 2022 (-9.6%); its best was 2021 (+18.6%).
• The deepest fall in its price history was 25.3% (Dec 6, 2024 to Apr 21, 2025), recovered by May 22, 2026.

As of Jun 30, 2026, the fund held 61 securities; the ten largest made up 25.72% of assets. It also reported 22.27% 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 $1.9M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +7.08%, +9.98%, +1.55%.

WBIL does not track an index. Sub-advisor WBI Investments, LLC, an affiliate of adviser Millington Securities, LLC, picks from small, mid-size and large companies in the U.S. and abroad. Computer screens of financial data look for companies with stable finances. Technical analysis, which studies price and trading patterns, then helps time purchases. Exit rules, including stop-losses (preset price drops that trigger an exit), decide when holdings go. The prospectus calls this an "absolute return" approach: seeking consistent returns with potentially less volatility, or smaller price swings, than traditional approaches.

The fund may also hold a large share of its assets in cash and own bonds with maturities of up to 30 years, including up to 20% in high-yield ("junk") bonds. It may use options too. One approach is writing covered calls: the fund collects a fee for agreeing to give up a stock it owns at a set price, which caps gains above that price. Option income is usually taxed as ordinary income.

The June 30, 2026 holdings report showed 61 holdings, about 99.5% in stocks and no options or other derivatives. No position topped 3.8%; the largest were Astera Labs, ARM Holdings and Marvell Technology. Turnover, the share of the portfolio replaced in a year, was 733%. That adds trading costs and can produce taxable capital gains distributions.

• WBIL charges 1.7% a year, versus an average of 0.33% for the similar funds below (7th of 7, cheapest first).
• Of that, 0.85% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $173 in the first year and $2,009 over 10 years (assuming a 5% annual return).

Its active, high-turnover stock strategy and 1.70% expense ratio fit a small side position, and its record shows stock-like losses despite its defensive aims.

WBIL launched in 2014, after the 2008 crisis. Its price history begins in June 2020, after the COVID crash, though the prospectus shows a 2.06% loss for 2020 overall. In 2022, its worst calendar year from 2016 to 2025 (down 9.55%), it fell 14.2% from peak to low and took 15.6 months to recover. Its deepest drop came later: 25.3% from December 6, 2024 to April 21, 2025, fully recovered by May 22, 2026. Despite its defensive aims, anyone withdrawing money in those periods would have been cashing out at depressed prices.

Income is negligible: the yield was 0.05% as of October 27, 2026, paid once a year. Costs are high. In the SEC's standard $10,000 example, expenses total $173 after one year and $2,009 after 10. Past results don't predict future returns, 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).