Why Invest in FEBZ
TRUEOUTCOME
DOWNSIDE RISK MITIGATION / UNCAPPED UPSIDE PARTICIPATION / CLEARER EXPECTATIONS
TrueShares Structured Outcome (February) ETF utilizes a "buffer protect" options strategy, that seeks to provide investors with returns (before fees and expenses) correlated to those of the S&P 500 Price Index. As part of this strategy, FEBZ seeks to provide an 8-12% downside buffer (with the advisor targeting 10%) on the first of that index's losses over a 12-month investment period, beginning on a specified date and resetting exactly 12 months later. The strategy is implemented through the purchase and sale of options on the S&P 500 Price Index or an ETF that tracks the S&P 500 Price Index.Why Invest in FEBZ
TRUEOUTCOME
DOWNSIDE RISK MITIGATION / UNCAPPED UPSIDE PARTICIPATION / CLEARER EXPECTATIONS
TrueShares Structured Outcome (February) ETF utilizes a "buffer protect" options strategy, that seeks to provide investors with returns (before fees and expenses) correlated to those of the S&P 500 Price Index. As part of this strategy, FEBZ seeks to provide an 8-12% downside buffer (with the advisor targeting 10%) on the first of that index's losses over a 12-month investment period, beginning on a specified date and resetting exactly 12 months later. The strategy is implemented through the purchase and sale of options on the S&P 500 Price Index or an ETF that tracks the S&P 500 Price Index.
FUND SUMMARY
About the FEBZ ETF
Fund Details
Data as of 03/31/2024
Inception Date
January 29, 2021
CUSIP
53656F755
Primary Exchange
CBOE BZX
Ticker
FEBZ
Fund Listing
February 1, 2021
IOPV Symbol
FEBZ.IV
NAV Symbol
FEBZ.IV
Expense Ratio
0.79%
30 Day SEC Yield
3.77
Fund Data & Pricing
Data as of 04/15/2024
Net Assets as of 04/15/2024
$6.05M
NAV
$31.83
Shares Outstanding
190,000
Premium/Discount Percentage
-0.02%
Closing Price
$31.82
30 Day Median Bid/Ask Spread
0.25%
IOPV, or Indicative Optimized Portfolio Value, is a calculation disseminated by the stock exchange that approximates the Fund’s NAV every fifteen seconds throughout the trading day.
FUND SUMMARY
About the FEBZ ETF
Fund Details
Data as of 03/31/2024
Inception Date
January 29, 2021
Fund Listing
February 1, 2021
Primary Exchange
CBOE BZX
Ticker
FEBZ
CUSIP
53656F755
IOPV Symbol
FEBZ.IV
NAV Symbol
FEBZ.IV
Expense Ratio
0.79%
30 Day SEC Yield
3.77
Fund Materials
Fund Materials
Fund Data & Pricing
Data as of 04/15/2024
Net Assets as of 04/15/2024
$6.05M
NAV
$31.83
Shares Outstanding
190,000
Premium/Discount Percentage
-0.02%
Closing Price
$31.82
30 Day Median Bid/Ask Spread
0.25%
IOPV, or Indicative Optimized Portfolio Value, is a calculation disseminated by the stock exchange that approximates the Fund’s NAV every fifteen seconds throughout the trading day.
Historical NAV Change
Data as of 04/15/2024
Use the slider below to adjust the time period shown in the graph below.
Fund Materials
Fund Data & Pricing
Data as of 04/15/2024
Net Assets as of 04/15/2024
$6.05M
NAV
$31.83
Shares Outstanding
190,000
Premium/Discount Percentage
-0.02%
Closing Price
$31.82
30 Day Median Bid/Ask Spread
0.25%
IOPV, or Indicative Optimized Portfolio Value, is a calculation disseminated by the stock exchange that approximates the Fund’s NAV every fifteen seconds throughout the trading day.
Outcome Period Values
Data as of 02/01/2024
ETF Starting NAV/Period Return
SPX Index Reference Price
Downside Buffer
Expected Upside Participation
Days Remaining
$30.85
/0.0%
4845.65
10.0%
76-78%
364 days
| ETF Starting NAV/Period Return | SPX Index Reference Price | Downside Buffer | Expected Upside Participation | Days Remaining |
|---|---|---|---|---|
| 29.24 | 4796 | 10 | 70-72% | 362 |
Outcome Period Values
Data as of 02/01/2024
ETF Starting NAV/Period Return
$30.85
/0.0%
SP Index Reference Price
4845.65
Downside Buffer
10.0%
Expected Upside Participation
76-78%
Days Remaining
364
Current Outcome Period Values
Data as of 04/15/2024
ETF Current NAV/Period Return
31.83/
3.18%
SPX Period Return
4.46%
Remaining Buffer
10
Downside Before Buffer
-3.08%
Remaining Outcome Period
290
Current Outcome Period Values
Data as of 04/15/2024
| ETF Current NAV/Period Return | SPX Period Return | Remaining Buffer | Downside Before Buffer | Remaining Outcome Period |
|---|---|---|---|---|
| 29.24 | 4796 | 10 | 70-72% | 362 |
ETF Current NAV/Period Return
SPX Period Return
Remaining Buffer
Downside Before Buffer
Remaining Outcome Period
$31.83
/3.18%
4.46%
10%
-3.08%
290 days
Performance
Data as of 03/31/2024
3 Month
6 Month
1 Year
5 Year
Since Inception
Market Price
7.06
16.24
20.37
–
11.12
Fund NAV
7.01
16.07
20.28
–
11.12
S&P 500
10.16
22.53
27.86
–
11.57
3 Month
6 Month
1 Year
5 Year
Since Inception
Market Price
7.06
16.24
20.37
–
11.12
Fund NAV
7.01
16.07
20.28
–
11.12
S&P 500
10.16
22.53
27.86
–
11.57
Expense ratio: 0.79%
Performance data quoted on this website represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed or sold in the secondary market, may be worth more or less than the original cost. Investors will incur usual and customary brokerage commissions when buying or selling shares of the exchange-traded funds (“ETFs”) in the secondary market, and that, if reflected, the brokerage commissions would reduce the performance returns. Current performance may be lower or higher than the performance shown. Shares are bought and sold at market price not net asset value (“NAV”) and are not individually redeemable from the fund. Call 877-774-TRUE (8783) for performance data current to the most recent month end. Click here to view or download the factsheet for quarter-end standardized performance.
Index performance does not represent True-Shares fund performance. It is not possible to invest directly in an index. All performance figures assume reinvestment of dividend and capital gains at net asset value; actual returns may differ. Performance 1-year and less are cumulative; performance over 1-year are average annualized total returns. Market price performance is determined using the bid/ask midpoint at 4:00pm Eastern time, when the NAV is typically calculated. NAV price performance is determined using the daily calculated NAV. They do not represent the returns you would receive if you traded shares at other times. Performance figures do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or upon redemption or sale of fund shares. The fund inception date is generally several days prior to when the fund begins trading. NAV prices are used to calculate market price performance prior to 07/1/2020, when the fund first traded on an exchange. Click here to view or download a full prospectus or click here to view or download a summary prospectus.
Definitions
S&P Downside to Floor of Buffer – How far the S&P 500 would need to fall from its current level before the downside buffer ends. A value of N/A is shown if the S&P 500 Price Index falls below the buffer. Note that this is not a reflection of how much of the buffer has been used, only how far the S&P is away from the lowest level of the buffer. To understand how much buffer remains, look at “Remaining Buffer”.
Remaining Buffer – How much of the downside buffer remains given the current price.
ETF Downside Before Buffer – How much the ETF can lose before the protection buffer level .
Remaining Outcome Period – How long until the option structure expires.
Starting NAV – nav at start of the outcome period.
Period Return – Will be 0 as it is always at the start of the period.
SPX Index Reference Price – The S&P 500 Price Index that we will set the structured outcomes on. This is the price that the buffer starts on.
Downside Buffer – The % of downside return of the S&P 500 Price Index from the reference price that is designed to be buffered.
Estimated Upside Market Participation Rate – The estimated upside market participation rate represents the relative exposure of the fund’s call options to participate in the potential upside movement of the S&P 500 Price Index. This will be determined by the relative price of call and put options at the start of the investment period (12-month period).
Days Remaining – Amount of time until the option structure expires.
Call options – Give the buyer the right, not obligation, to buy shares of the underlying stock at the stated exercise price from the seller of the call option up until the option expires.
Put options – Give the buyer the right, not obligation, to sell shares of the underlying stock at the stated exercise price to the seller of the put option up until the option expires.
Current outcome period values should be data as of the previous close.
Current Price – Price as of date’s close.
Period Return – Return of the ETF from the start of the outcome period to the closing price on the current date.
30-Day Yield – Represents net investment income earned by the Fund expressed as an annual percentage rate based on the Fund’s share price at the end of a 30-Day period ended on the last day of the month.
Performance data quoted on this website represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed or sold in the secondary market, may be worth more or less than the original cost. Investors will incur usual and customary brokerage commissions when buying or selling shares of the exchange-traded funds (“ETFs”) in the secondary market, and that, if reflected, the brokerage commissions would reduce the performance returns. Current performance may be lower or higher than the performance shown. Shares are bought and sold at market price not net asset value (“NAV”) and are not individually redeemable from the fund. Call 877-774-TRUE (8783) for performance data current to the most recent month end. Click here to view or download the factsheet for quarter-end standardized performance.
Index performance does not represent True-Shares fund performance. It is not possible to invest directly in an index. All performance figures assume reinvestment of dividend and capital gains at net asset value; actual returns may differ. Performance 1-year and less are cumulative; performance over 1-year are average annualized total returns. Market price performance is determined using the bid/ask midpoint at 4:00pm Eastern time, when the NAV is typically calculated. NAV price performance is determined using the daily calculated NAV. They do not represent the returns you would receive if you traded shares at other times. Performance figures do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or upon redemption or sale of fund shares. The fund inception date is generally several days prior to when the fund begins trading. NAV prices are used to calculate market price performance prior to 07/1/2020, when the fund first traded on an exchange. Click here to view or download a full prospectus or click here to view or download a summary prospectus.
Definitions
S&P Downside to Floor of Buffer – How far the S&P 500 would need to fall from its current level before the downside buffer ends. A value of N/A is shown if the S&P 500 Price Index falls below the buffer. Note that this is not a reflection of how much of the buffer has been used, only how far the S&P is away from the lowest level of the buffer. To understand how much buffer remains, look at “Remaining Buffer”.
Remaining Buffer – How much of the downside buffer remains given the current price.
ETF Downside Before Buffer – How much the ETF can lose before the protection buffer level .
Remaining Outcome Period – How long until the option structure expires.
Starting NAV – nav at start of the outcome period.
Period Return – Will be 0 as it is always at the start of the period.
SPX Index Reference Price – The S&P 500 Price Index that we will set the structured outcomes on. This is the price that the buffer starts on.
Downside Buffer – The % of downside return of the S&P 500 Price Index from the reference price that is designed to be buffered.
Estimated Upside Market Participation Rate – The estimated upside market participation rate represents the relative exposure of the fund’s call options to participate in the potential upside movement of the S&P 500 Price Index. This will be determined by the relative price of call and put options at the start of the investment period (12-month period).
Days Remaining – Amount of time until the option structure expires.
Call options – Give the buyer the right, not obligation, to buy shares of the underlying stock at the stated exercise price from the seller of the call option up until the option expires.
Put options – Give the buyer the right, not obligation, to sell shares of the underlying stock at the stated exercise price to the seller of the put option up until the option expires.
Current outcome period values should be data as of the previous close.
Current Price – Price as of date’s close.
Period Return – Return of the ETF from the start of the outcome period to the closing price on the current date.
30-Day Yield – Represents net investment income earned by the Fund expressed as an annual percentage rate based on the Fund’s share price at the end of a 30-Day period ended on the last day of the month.
Performance
Data as of 03/31/2024
| 3 Month | 6 Month | 1 year | 5 Year | Since Inception | |
|---|---|---|---|---|---|
| Market Price | 8.18 | 8.31 | 21.66 | 21.66 | |
| Fund NAV | 8.27 | 8.12 | 21.66 | 21.65 | |
| S&P 500 | 10.65 | 10.91 | 26.89 | 26.89 |
3 Month
6 Month
1 Year
5 Year
Since Inception
3 Month
6 Month
1 Year
5 Year
Since Inception
Market Price
7.06
16.24
20.37
–
11.12
Fund NAV
7.01
16.07
20.28
–
11.12
S&P 500
10.16
22.53
27.86
–
11.57
Expense ratio: 0.79%
Performance data quoted on this website represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed or sold in the secondary market, may be worth more or less than the original cost. Investors will incur usual and customary brokerage commissions when buying or selling shares of the exchange-traded funds (“ETFs”) in the secondary market, and that, if reflected, the brokerage commissions would reduce the performance returns. Current performance may be lower or higher than the performance shown. Shares are bought and sold at market price not net asset value (“NAV”) and are not individually redeemable from the fund. Call 877-774-TRUE (8783) for performance data current to the most recent month end. Click here to view or download the factsheet for quarter-end standardized performance.
Index performance does not represent True-Shares fund performance. It is not possible to invest directly in an index. All performance figures assume reinvestment of dividend and capital gains at net asset value; actual returns may differ. Performance 1-year and less are cumulative; performance over 1-year are average annualized total returns. Market price performance is determined using the bid/ask midpoint at 4:00pm Eastern time, when the NAV is typically calculated. NAV price performance is determined using the daily calculated NAV. They do not represent the returns you would receive if you traded shares at other times. Performance figures do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or upon redemption or sale of fund shares. The fund inception date is generally several days prior to when the fund begins trading. NAV prices are used to calculate market price performance prior to 07/1/2020, when the fund first traded on an exchange. Click here to view or download a full prospectus or click here to view or download a summary prospectus.
Definitions
S&P Downside to Floor of Buffer – How far the S&P 500 would need to fall from its current level before the downside buffer ends. A value of N/A is shown if the S&P 500 Price Index falls below the buffer. Note that this is not a reflection of how much of the buffer has been used, only how far the S&P is away from the lowest level of the buffer. To understand how much buffer remains, look at “Remaining Buffer”.
Remaining Buffer – How much of the downside buffer remains given the current price.
ETF Downside Before Buffer – How much the ETF can lose before the protection buffer level .
Remaining Outcome Period – How long until the option structure expires.
Starting NAV – nav at start of the outcome period.
Period Return – Will be 0 as it is always at the start of the period.
SPX Index Reference Price – The S&P 500 Price Index that we will set the structured outcomes on. This is the price that the buffer starts on.
Downside Buffer – The % of downside return of the S&P 500 Price Index from the reference price that is designed to be buffered.
Estimated Upside Market Participation Rate – The estimated upside market participation rate represents the relative exposure of the fund’s call options to participate in the potential upside movement of the S&P 500 Price Index. This will be determined by the relative price of call and put options at the start of the investment period (12-month period).
Days Remaining – Amount of time until the option structure expires.
Call options – Give the buyer the right, not obligation, to buy shares of the underlying stock at the stated exercise price from the seller of the call option up until the option expires.
Put options – Give the buyer the right, not obligation, to sell shares of the underlying stock at the stated exercise price to the seller of the put option up until the option expires.
Current outcome period values should be data as of the previous close.
Current Price – Price as of date’s close.
Period Return – Return of the ETF from the start of the outcome period to the closing price on the current date.
30-Day Yield – Represents net investment income earned by the Fund expressed as an annual percentage rate based on the Fund’s share price at the end of a 30-Day period ended on the last day of the month.
Performance data quoted on this website represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed or sold in the secondary market, may be worth more or less than the original cost. Investors will incur usual and customary brokerage commissions when buying or selling shares of the exchange-traded funds (“ETFs”) in the secondary market, and that, if reflected, the brokerage commissions would reduce the performance returns. Current performance may be lower or higher than the performance shown. Shares are bought and sold at market price not net asset value (“NAV”) and are not individually redeemable from the fund. Call 877-774-TRUE (8783) for performance data current to the most recent month end. Click here to view or download the factsheet for quarter-end standardized performance.
Index performance does not represent True-Shares fund performance. It is not possible to invest directly in an index. All performance figures assume reinvestment of dividend and capital gains at net asset value; actual returns may differ. Performance 1-year and less are cumulative; performance over 1-year are average annualized total returns. Market price performance is determined using the bid/ask midpoint at 4:00pm Eastern time, when the NAV is typically calculated. NAV price performance is determined using the daily calculated NAV. They do not represent the returns you would receive if you traded shares at other times. Performance figures do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or upon redemption or sale of fund shares. The fund inception date is generally several days prior to when the fund begins trading. NAV prices are used to calculate market price performance prior to 07/1/2020, when the fund first traded on an exchange. Click here to view or download a full prospectus or click here to view or download a summary prospectus.
Definitions
S&P Downside to Floor of Buffer – How far the S&P 500 would need to fall from its current level before the downside buffer ends. A value of N/A is shown if the S&P 500 Price Index falls below the buffer. Note that this is not a reflection of how much of the buffer has been used, only how far the S&P is away from the lowest level of the buffer. To understand how much buffer remains, look at “Remaining Buffer”.
Remaining Buffer – How much of the downside buffer remains given the current price.
ETF Downside Before Buffer – How much the ETF can lose before the protection buffer level .
Remaining Outcome Period – How long until the option structure expires.
Starting NAV – nav at start of the outcome period.
Period Return – Will be 0 as it is always at the start of the period.
SPX Index Reference Price – The S&P 500 Price Index that we will set the structured outcomes on. This is the price that the buffer starts on.
Downside Buffer – The % of downside return of the S&P 500 Price Index from the reference price that is designed to be buffered.
Estimated Upside Market Participation Rate – The estimated upside market participation rate represents the relative exposure of the fund’s call options to participate in the potential upside movement of the S&P 500 Price Index. This will be determined by the relative price of call and put options at the start of the investment period (12-month period).
Days Remaining – Amount of time until the option structure expires.
Call options – Give the buyer the right, not obligation, to buy shares of the underlying stock at the stated exercise price from the seller of the call option up until the option expires.
Put options – Give the buyer the right, not obligation, to sell shares of the underlying stock at the stated exercise price to the seller of the put option up until the option expires.
Current outcome period values should be data as of the previous close.
Current Price – Price as of date’s close.
Period Return – Return of the ETF from the start of the outcome period to the closing price on the current date.
30-Day Yield – Represents net investment income earned by the Fund expressed as an annual percentage rate based on the Fund’s share price at the end of a 30-Day period ended on the last day of the month.
Distribution Detail
| Ex-Date | Record Date | Payable Date | Amount | Rate Type |
|---|---|---|---|---|
| 12/27/2023 | 12/28/2023 | 12/29/2023 | 0.918 | - |
| 12/27/2023 | 12/28/2023 | 12/29/2023 | 1.162 | - |
Top 10 Holdings
Data as of 04/16/2024
Top 10 Holdings
Data as of 04/16/2024
| % of Net Assets | Name | Ticker | CUSIP | Shares Held | Market Value |
|---|---|---|---|---|---|
| 93.15% | United States Treasury Bill 01/23/2025 | 912797JR9 | 912797JR9 | 5,860,000 | 5.63M |
| 8.28% | SPY 01/31/2025 482.88 C | 2SPY 250131C00482880 | 2SPY 250131C00482880 | 91 | 500,446.31 |
| 0.52% | First American Treasury Obligations Fund 01/01/2040 | FXFXX | 31846V328 | 31,314 | 31,313.53 |
| -0.02% | Cash & Other | Cash&Other | Cash&Other | -1,261 | -1,261.42 |
| -1.92% | SPY 01/31/2025 434.59 P | 2SPY 250131P00434590 | 2SPY 250131P00434590 | -135 | -116,197.20 |
