TrueShares Quarterly Bear Hedge ETF
Key Statistics
Historical Performance
Total return including reinvested distributions, from adjusted closing prices.
Price History
Price history is being compiled for this fund.
Top Holdings
Top 20 holdings as of Jan 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About QBER
TrueSharesQuarterly Bear Hedge ETF TheFund is an actively managed ETF that aims to provide substantial protection of principal and generation of interest income while maintainingthe potential to create positive returns in the event of a decline in U.S. equity markets. The adviser’s strategy is designed toachieve the Fund’s goals, typically, over rolling three-month periods. This strategy potentially results in capital gains duringhigh volatility environments. The Fund seeks to achieve these goals by combining: (1) an investment of substantially all its assets ina portfolio of short-term income-generating debt securities with (2) a modest investment in put options on securities or indexes thatare representative of U.S. large capitalization companies. Over the long-term, the adviser expects income from the debt securities andcapital gains from put options to combine to fulfill the “total return” aspect of the Fund’s investment objective. SubstantialProtection of Principal Theincome component of the Fund’s portfolio is expected to represent at least 98% of its assets on a quarter-to-quarterbasis, which the adviser believes will fulfil the “substantial protection of principal” aspect of theFund’s investment objective. For example, even if a 2% put options component of the Fund’s portfolio expiredworthless, the Fund would still have at least 98% of its value preserved by the high-quality short-term fixed income debtsecurities portfolio. Actual value preserved is expected to be somewhat higher than 98% because interest earned is expectedto be higher than Fund expenses. The adviser believes that protection of at least 98% of principal on a quarter-to-quarterbasis, even in adverse low-rate environments, would be considered substantial protection by most investors. IncomeComponent TheFund seeks income through a strategy focused on high-quality short-term fixed income debt securities. The Fund anticipates a typicalmaturity of three months for its income portfolio but may invest in securities with a duration of one-year or less. The Fund investswithout restriction as to issuer type but anticipates investing primarily in securities of the U.S. Government, its agencies,instrumentalities and sponsored enterprises; fixed-income ETFs; and corporations. Togenerate higher income, the Fund may also employ an option box spread strategy. While gains from options are capital gains, thisoptions strategy is commonly referred to as an income producer and, therefore, is included in the Fund’s income componentdescription. A box spread is a four-part, same expiration date, option portfolio with a maturity payout that does not vary andis considered a form of synthetic money market instrument. For example, the four parts of a box spread could be composed of (i)a long $5 in-the-money call option position paired with (ii) a written $5 out-of-the-money call option position; and (iii) a long$5 in-the-money put option position paired with (iv) a written $5 out-of-the-money put option position. At expiration of the options,no matter what the price of the underlying reference asset is, the payout to the Fund will be $10. If the Fund can construct thisportfolio for less than $10 it will be profitable at expiration. Thechart below illustrates the $10 payout that results from the example above. As the call leg increases in value, the put leg decreasesin value such that, in total, the payoff is always $10. Whenthe put options and income-generating investments carry matching maturities, an amount equal to the yield from the income strategy,net of the Fund’s management fee, is deployed to trade put options. If the income-generating investments carry a durationlonger than the put positions, the amount invested in put options will be an amount equal to annualized income utilized net ofmanagement fee and divided by the number of three-month segments remaining until maturity and capped at that amount for each rollingthree-month period. At times, the presence of an extreme low-rate environment could make generating income more challenging. Inthese circumstances, the Fund may utilize a maximum of one percent (net of the Fund’s management fee) of portfolio principalper three-month rolling period to implement the put options strategy. PutOptions Component TheFund invests a modest portion of its portfolio in standardized exchange-listed options or in exchange-traded FLexibleEXchange Options® (“FLEX Options”), which are customized exchange-traded option contracts available throughthe Chicago Board Option Exchange (“Cboe”) that are guaranteed for settlement by The Options Clearing Corporation(“OCC”). The adviser selects options on securities, indexes, or ETFs that it believes are representative of theperformance of U.S. large capitalization companies. The Fund defines large-capitalization companies as those with marketcapitalizations above $10 billion at the time of measurement, and defines U.S. companies as those organized in the U.S.;having a class of securities whose principal securities market is in the U.S.; or derives 50% or more of its total revenuesor earnings from goods produced, sales made, or services provided in the U.S., or maintains 50% or more of its employees,assets, investments, operations, or other business activity in the U.S. Whenthe Fund purchases a put option, the Fund has the right, but not the obligation, to sell a reference asset at a specified price(strike price) within or at the end of a specific time period. In the event the reference asset declines in value, the value ofa put option generally will increase. In the event the reference asset appreciates in value, the value of a put option generallywill decrease and may become worthless. Under normal circumstances, the Fund anticipates trading options on rolling three-monthperiods (i.e., quarterly); however, the Fund may trade options with expiration dates that are modestly longer or shorter thanthree months for a number of reasons such as if market volatility renders them more cost-effective. Atthe beginning of each three-month period, the Fund purchases out-of-the money (above current market price) or at-the-money putoptions. The adviser evaluates the relative prices of at-the-money and out-of-the money options and selects those with the highestexpected return in light of then-recent U.S. large capitalization equity market volatility. TheFund’s strategy is designed to benefit from meaningful declines in the domestic large cap equity market (sometimes referredto as “tail risk”). The Fund’s equity market risk is limited to the risk that the put options will expire worthless.If, however, the value of the reference asset falls below the put option’s strike price, the option finishes “in-the-money”and the option seller pays the Fund the difference between the strike price and the value of the reference asset. In such an instance,employing the put option strategy may generate a positive return. Because puts increase in value when the reference asset declines,the Fund benefits from a market decline. Using this strategy, based on recent market conditions, the adviser anticipates thatthe Fund could reap a positive benefit equal to 20% to 40% of U.S. large capitalization equity market declines on a quarter-to-quarterbasis.
QBER News
Data for QBER is aggregated from third-party providers (Tiingo, Nasdaq, Finnhub) and SEC filings, may be delayed at least 20 minutes, and may be incomplete or contain errors. Nothing here is investment advice. Verify with the official prospectus before investing.