FEBZ ETF — TrueShares Structured Outcome (February) ETF

TrueShares Structured Outcome (February) ETF (FEBZ)

FEBZ is an ETF. its distribution rate is 2.95%, its trailing-12-month yield is 2.95%, its expense ratio is 0.79%. Dividend Vision Distribution Safety Score™ is 50/100 (Unproven). Total return is 86.9% over the past 5.7 years, 32.0 points behind SPY at 118.9%.

At the current 2.95% distribution rate, a $10,000 investment would generate approximately $295 per year if the next payment matches the last regular one.

TrueShares Structured Outcome (February) is an actively-managed ETF that invests substantially all of its assets in options strategies on the S&P 500 Index, purchasing call options and selling put options that roll over on a monthly basis. The fund carries a modest current distribution rate with annual payouts and has an expense ratio of 0.79%. It may appeal to income-focused investors seeking structured exposure to equity market returns through options-based strategies.

FEBZ performance versus SPY

Price and return data through 2026-09-30.

Total return is 86.9% over the past 5.7 years, 32.0 points behind SPY at 118.9%. Over the past year its total return — price change plus distributions reinvested — is 10.3%. Its deepest 1-year drawdown was 7.1%.

FEBZ key facts

Distribution Safety Score™

50 · Unproven

Issuer

TrueShares

Asset type

ETF

Asset class

Fixed Income

Inception date

01/29/2021

Expense ratio

0.79%

Distribution rate

2.95%

Distribution frequency

Annual

Trailing yield

2.95%

Last close

$40.86 (as of 2026-09-30)

NAV

$40.90

Premium / discount

0.10% discount

AUM

$32,545,217

Average volume

11.0

Last dividend

$1.204

Last ex-dividend date

12/24/2025

Last payment date

12/26/2025 (as of 2025-12-26)

Beta

0.73

P/E ratio

27.0588

How Dividend Vision calculates yield and returns

Distribution rate (2.95%) is the latest regular payout annualized by the fund's stated frequency, divided by the last close. Issuers often publish this as “Distribution Rate” on the fact sheet. Trailing-12-month yield (2.95%) is the sum of distributions paid in the last 12 months, split-adjusted, divided by the last close. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: TrueShares; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

FEBZ risks and drawbacks

FEBZ's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Payments are annual, so cash flow is lumpy versus a monthly fund. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 7.1%.

Who may consider FEBZ — and who may not

FEBZ may suit someone looking for moderate current income with a quality tilt. It is a weaker fit for investors who need monthly cash flow (FEBZ pays annual); investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

Frequently asked questions

More securities from TrueShares.