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QBUL TrueShares Quarterly Bull Hedge ETF

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$24.04
+0.2% · 1 day, price
IQ’s readingComputed nightly from ETFIQ data. Not written live.

Over the year to Nov 4, 2026, QBUL returned 0.4%, against 14.8% for VOO.

Why did QBUL return +5.6% from Jul 2024 to Oct 2026, against VOO’s +38.8%?Is a 0.79% fee low for a fund like QBUL?What do QBUL’s net flows of +$27.9m over the since May 2024 mean?
Hedged equity fund: owns stocks and pays for protection against a fall, most often with put optionsTrueShares ↗Expense ratio 0.79%Fund assets $28m net assets, latest filing (Jul 31, 2026)First traded Jul 1, 2024Benchmark S&P 500 Total Return Index, measured by VOO, which tracks the same indexSEC filings ↗Every TrueShares fund ETFIQ coversDividend history

Promise check: DeliveredIn the 52 weeks to Nov 4, 2026, QBUL moved 23.9% as much as the S&P 500 in the 26 weeks it fell.

Compare with…Trading costsPut to the committeeaskIQ about QBULAdd to portfolioFlowsAlerts

QBUL risk and return scorecard

vs VOO · Jul 2024 to Oct 2026 · 120 weekly returns · dividend-adjusted

Short history · 28 months
QBUL +5.6%, VOO +38.8%, Jul 2024 to Oct 2026, distributions reinvested.
Return
MeasureQBULVOOEdge
Total return+5.6%+38.8%VOO
Annualized+2.4%+15.3%VOO
Price return−4.8%+35.0%VOO
Risk
MeasureQBULVOOEdge
Volatility3.1%14.9%QBUL
Max drawdown−2.1%−16.7%QBUL
Upside capture13.4%100.0%VOO
Downside capture27.3%100.0%QBUL
Risk-adjusted
MeasureQBULVOOEdge
Sharpe ratio−0.560.75VOO
Sortino ratio−0.741.14VOO
Alpha vs VOO
MeasureQBULVOOEdge
Alpha, a year−3.5%VOO
Alpha t-stat−2.55
Beta to VOO0.161.00Lower beta

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

Money in and out

Net fund flows · Jul 31, 2026
12 months to Jul 31, 2026
+$10.5m
Since May 2024
+$27.9m
askIQ: what do these flows mean? ↗

What you earned

QBUL −0.3%, VOO −1.1%: total return over one month to Nov 4, 2026.
QBUL−0.3%
VOO−1.1%
QBUL −0.9%, VOO −0.1%: total return over three months to Nov 4, 2026.
QBUL−0.9%
VOO−0.1%
QBUL −0.8%, VOO +5.0%: total return over six months to Nov 4, 2026.
QBUL−0.8%
VOO+5.0%
QBUL +1.0%, VOO +13.4%: total return over the year to Nov 4, 2026.
QBUL+1.0%
VOO+13.4%
QBUL +0.4%, VOO +14.8%: total return over one year to Nov 4, 2026.
QBUL+0.4%
VOO+14.8%
QBUL +6.5%, VOO +44.5%: total return since launch to Nov 4, 2026.
QBUL+6.5%
VOO+44.5%
askIQ: why did QBUL return +0.4% over one year, against VOO’s +14.8%? ↗

How concentrated, and what does it cost?

+0.85
Correlation with the S&P 500
Report
+0.20
Beta to the S&P 500
Report
23.9%
Down-week capture
Report
−3.3 pts
Against T-bills, 52 weeks
Report
8.2%
12-month yield, capital gains included, on its starting price
Report
$2.128
Last payment, ex-date Dec 24, 2025
Report
Sector mix
Cost against like funds
askIQ: is a 0.79% fee low for a fund like QBUL? ↗

More on QBUL

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Price and total return, 1 year

$24.04+0.2%1 day, priceClose, Nov 4, 2026

Total return adds every distribution, reinvested. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Nov 4, 2026. Updated every trading night. Report a data error

QBUL returns by window: total return, cash paid and price change
WindowTotal returnBenchmark (VOO)Gap to VOO
1M Oct 5 – Nov 4, 2026−0.3%−1.1%+0.8 pts
3M Aug 5 – Nov 4, 2026−0.9%−0.1%−0.8 pts
6M May 6 – Nov 4, 2026−0.8%+5.0%−5.8 pts
YTD Dec 31, 2025 – Nov 4, 2026+1.0%+13.4%−12.4 pts
1Y Nov 4, 2025 – Nov 4, 2026+0.4%+14.8%−14.4 pts
Since launch Jul 1, 2024 – Nov 4, 2026+6.5%+44.5%−38.0 pts
Since launch, annualised Jul 1, 2024 – Nov 4, 2026+2.7%––

Total returns, distributions reinvested. Listed Jul 2024: no 3 years windows.

Source: Tiingo end-of-day prices, with distributions reinvested.

Fell 24% as much as the S&P 500
Fell 24% as much as the S&P 500QBUL in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QBUL −0.26%.SPY−1.07%QBUL−0.26%Average week when SPY fell: 26 of 52, year to Nov 4, 2026Fell 24% as much as the S&P 500QBUL in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QBUL −0.26%.SPY−1.07%QBUL−0.26%Average week when SPY fell

QBUL in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QBUL −0.26%.

68.2
IQ Alternatives ScoreETFIQ Stock Diversification Scorejoint 6th of 22 · Nov 4, 2026
4.5 · lowest of 22 equity hedged alternatives ETFs with a full year95.5 · highest

How much it diversifies a stock portfolio, ranked against 22 equity hedged alternatives ETFs with a full year. 100 is best. How it is computed

QBUL’s weekly returns had a correlation of +0.85 with the S&P 500, and in the weeks the index fell its down-week capture was 23.9%. Over the same 52 weeks it finished 3.3 points behind T-bills.

correlation with the S&P 500+0.85 · 70th pct
down-week capture against the S&P 50023.9% · 66th pct
All 22 ranked by this score →

Money in and out

Monthly data · as of Jul 31, 2026

QBUL: in the month to Jul 31, 2026, net $8.0m came in, by its SEC filing.

12 months
+$10.5m
58.0% of $18.1m on Jul 31, 2025
Aug 1, 2025 to Jul 31, 2026
monthly, from SEC filings
Since May 2024
+$27.9m
May 1, 2024 to Jul 31, 2026
monthly, from SEC filings

Computed by ETFIQ from the monthly sales and redemptions QBUL files with the SEC on Form N-PORT.

How this is computed

ETFIQ reads no daily data for this fund, so its flows are monthly, and the latest month filed is Jul 2026. Every day and month ETFIQ holds for QBUL, back to May 2024, is in its flows file. Flows across every fund · How these flows are computed · Compare QBUL with other funds in the flows tool

Month by month, money in and money outMay 2024 to Jul 2026

QBUL, money in and money out each month from May 2024 to Jul 2026: two bars a month, money in above the line and money out below. Every bar is from QBUL’s SEC filings (N-PORT item B.6). Of the 27 months listed, money came in on net in 19 and went out in 5.

Every bar is from QBUL’s SEC filings (N-PORT item B.6). Of the 27 months listed, money came in on net in 19 and went out in 5.

MonthInOutNet
Jul 2026 SEC Form N-PORT+$8.4m−$482k+$8.0m
Jun 2026 SEC Form N-PORT$0−$4.1m−$4.1m
May 2026 SEC Form N-PORT+$13.2m−$6.1m+$7.1m
Apr 2026 SEC Form N-PORT+$2.1m$0+$2.1m
Mar 2026 SEC Form N-PORT+$5.7m$0+$5.7m
Feb 2026 SEC Form N-PORT$0−$5.2m−$5.2m
Jan 2026 SEC Form N-PORT+$475k$0+$475k
Dec 2025 SEC Form N-PORT+$4.9m$0+$4.9m
Nov 2025 SEC Form N-PORT$0$0$0
Oct 2025 SEC Form N-PORT$0$0$0
Sep 2025 SEC Form N-PORT$0−$1.3m−$1.3m
Aug 2025 SEC Form N-PORT$0−$7.1m−$7.1m
Jul 2025 SEC Form N-PORT+$4.1m−$46.8m−$42.8m
Jun 2025 SEC Form N-PORT+$503k$0+$503k
May 2025 SEC Form N-PORT+$1.5m$0+$1.5m
Apr 2025 SEC Form N-PORT+$2.0m$0+$2.0m
Mar 2025 SEC Form N-PORT+$1.2m$0+$1.2m
Feb 2025 SEC Form N-PORT+$4.2m−$993k+$3.2m
Jan 2025 SEC Form N-PORT+$1.7m$0+$1.7m
Dec 2024 SEC Form N-PORT+$1.0m$0+$1.0m
Nov 2024 SEC Form N-PORT+$2.0m$0+$2.0m
Oct 2024 SEC Form N-PORT+$1.3m$0+$1.3m
Sep 2024 SEC Form N-PORT+$2.3m−$1.3m+$1.0m
Aug 2024 SEC Form N-PORT+$6.0m$0+$6.0m
Jul 2024 SEC Form N-PORT+$38.5m$0+$38.5m
Jun 2024 SEC Form N-PORT+$25$0+$25
May 2024 SEC Form N-PORT$0$0$0

Most recent first.

How this is computed

N-PORT months: money in is sales plus reinvestments; money out is redemptions.

N-PORT months are the filed sales plus reinvestments less redemptions. Later months add up the daily data; the Source column names any missing day.

Source: ETFIQ, from the fund’s SEC N-PORT filings. Data as of Jul 31, 2026. Updated when the fund files its next report.

QBUL key stats

52-week high, daily closes to Nov 4, 2026 (ETFIQ)$26.13 on Nov 11, 2025
52-week low, daily closes to Nov 4, 2026 (ETFIQ)$23.56 on Mar 27, 2026
Close on Nov 4, 2026, within that range (ETFIQ)$24.04, 18% of the way from the low to the high
Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

Trading

as of Jan 13, 2026
Trading · QBULas of Jan 13, 2026
·
Not scored1 of 6 measured · Jan 13, 2026
0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant
Cost for your order · one way, half its 30-day median spread
How to tradeSpread not read.
Full trading page: components, premium history, dealers →

QBUL for holders outside the US

US tax withheld on dividends, no treaty30%
Treaty rates on dividends (IRS table, read Oct 30, 2026)65 countries, 10% to 30%
QBUL interest-related and short-term gain dividendsnot read by ETFIQ
US estate tax filing threshold, non-resident holders$60,000
Share classDistributing

QBUL is a US fund. Stock of US corporations counts as US property for a non-resident's estate. Facts from the IRS, not tax advice. How withholding and treaties work

How much does it diversify a stock portfolio?

Correlation with the S&P 500
TAIL −0.74QBER −0.71CAOS −0.15CCOR −0.14TOAK +0.12HOLA +0.69HEDG +0.87HEQQ +0.88SHDG +0.90ATTR +0.91QTR +0.91KSPY +0.92PHEQ +0.94HELO +0.95ZHDG +0.96HEQT +0.97FHEQ +0.98HEGD +0.98ACIO +0.99THEQ +0.99XTR +1.00QBUL +0.85QBUL +0.85−0.74+1.00
−0.74 to +1.00 across 22 · Its percentile 70.5 · Weight 50%

70.5% of the 22 sit at or above QBUL on this measure.

Down-week capture against the S&P 500
CCOR −20.7%TAIL −15.9%QBER −15.4%TOAK −6.1%CAOS −3.3%ATTR 15.6%HEDG 15.8%PHEQ 31.6%HOLA 36.9%KSPY 41.0%HEQT 54.2%HELO 60.7%SHDG 70.4%HEGD 71.4%THEQ 72.3%ACIO 84.3%ZHDG 85.6%FHEQ 86.0%HEQQ 96.6%XTR 100.0%QTR 167.0%QBUL 23.9%QBUL 23.9%−20.7%167.0%
−20.7% to 167.0% across 22 · Its percentile 65.9 · Weight 50%

65.9% of the 22 sit at or above QBUL on this measure.

Weighted evenly, those two positions are what the score combines, across the 22 equity hedged alternatives ETFs with a full year. Neither spread above is the score: a fund can sit further right on one and score lower.

One year of weekly moves against the S&P 500, within one strategy; it ignores what the fund returned. Where the fund sits in this set, not a rating. Do not average it with another category's score.

What the score is computed from
QBUL: What the score is computed from
What it measuresThis fundIts percentileWeight
correlation with the S&P 500+0.8570.550%
down-week capture against the S&P 50023.9%65.950%

About QBUL

IssuerTrueShares
Strategy (ETFIQ, from its prospectus)Hedged equity
Expense ratio (485BPOS XBRL, Feb 27, 2026)0.79%Report
Net assets (SEC N-PORT, whole fund, as filed for Jul 31, 2026)$28mReport
Benchmark (ETFIQ, from its filings)S&P 500 Total Return Index, measured by VOO, which tracks the same index
Benchmark named inits shareholder report, N-CSRS, Jul 7, 2026
QBUL, 1 year to Nov 4, 2026+0.4%
VOO, the same days+14.8%
Against its benchmark, 1 year (ETFIQ)−14.4 pts
Weeks measured52, from Nov 5, 2025 to Nov 4, 2026
Weeks the S&P 500 fell26
The S&P 500 in those weeks, on average−1.07%
QBUL in those weeks, on average−0.26%
QBUL total return over those weeks+0.3%
T-bills (BIL) over the same weeks+3.7%
When stocks fellS&P 500 −4.9% in March 2026; QBUL −0.2%
Weekly correlation with the S&P 500+0.85, 52 weeks to Nov 4, 2026
First tradedJul 1, 2024
Days traded590
Quotedon an exchange, every trading day
How we measure
Weekly closes from Tiingo with distributions reinvested, 52 weeks to the same date for the fund, SPY and BIL. ETFIQ calculation. Method
IQ Investment Committee on QBUL

12 seats on QBUL, as of Nov 4, 2026: 2 Mixed, 2 Challenges, 7 Not enough data, 1 Does not apply.

In the tradition ofJohn BogleBogle-style Low CostChallenges
In the tradition ofBenjamin GrahamGraham-style Margin of SafetyNot enough data
In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityNot enough data
In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceNot enough data
In the tradition ofJohn TempletonTempleton-style Global ContrarianNot enough data
In the tradition ofRay DalioDalio-style All-WeatherNot enough data
In the tradition ofHoward MarksMarks-style Cycles & RiskNot enough data
In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityDoes not apply
In the tradition ofDavid SwensenSwensen-style DiversificationChallenges
In the tradition ofCathie WoodWood-style Disruptive InnovationNot enough data
In the tradition ofJesse LivermoreLivermore-style Trend FollowingMixed
Uses ETFIQ’s measuresThe ETFIQ SkepticETFIQ’s own seatMixed
Put QBUL to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Questions people ask about QBUL

Does QBUL move with the S&P 500?
Over the year to Nov 4, 2026, QBUL’s weekly returns had a correlation of +0.85 with the S&P 500’s, on a scale where 1 moves in step, 0 shows no pattern and −1 moves opposite. Its beta was +0.20, so for each 1% the index moved it moved about 0.20% the same way.
What did QBUL do when stocks fell?
The S&P 500 fell in 26 of the 52 weeks to Nov 4, 2026, by 1.07% on average. In those weeks QBUL fell 0.26% on average, a down-week capture of 23.9%.
Did QBUL earn more than cash?
Over the same 52 weeks QBUL returned +0.3% with distributions reinvested, and BIL, a fund of Treasury bills, returned +3.7%. QBUL finished 3.3 percentage points behind it.
What does QBUL cost?
The prospectus expense ratio is 0.79% a year.
Why is QBUL listed as hedged equity?
ETFIQ files each fund by what its own prospectus says it does, and QBUL’s, filed Feb 27, 2026, describes a hedged equity fund.
Sources and dates
Prices, QBUL and Benchmark (VOO)Prices, Tiingo end of day ↗
Fee, 0.79%Prospectus filing with the expense ratio (SEC) ↗
Net assets, $28mSEC N-PORT, whole fund · Jul 31, 2026
SourceProspectus the strategy was read from (SEC) ↗
IssuerTrueShares website ↗
All fund filingsFund filings on SEC EDGAR ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →
Cite this pageCitation, APA and Markdown

ETFIQ, QBUL, alternatives ETFs, data as of Nov 4, 2026. https://etfiq.com/funds/qbul

The down-week bars for QBUL, redrawn every trading night.

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

Correlation
How closely the fund’s weekly returns moved with the S&P 500’s over the last year, from −1 to 1. At 1 the two rise and fall together, at 0 there is no pattern, and below 0 the fund tended to move the other way.
Beta
How far the fund moved, on average, for each 1% move in the S&P 500 over the same weeks. At 0.3 it moved about 0.3% the same way; below 0 it moved the other way.
Down week
A week in which the S&P 500 fell, measured through SPY with dividends reinvested. A week that ended exactly level is not a down week.
Down-week capture
The fund’s average return in the S&P 500’s down weeks as a share of the index’s own average in those weeks. At 100% it fell as much, at 50% half as much, and below zero it rose. It is weekly and covers one year, so it is not the same number as Morningstar’s downside capture.
Against T-bills
The fund’s total return minus a short Treasury bill fund’s (BIL) over the same year, in percentage points. A fund can steady a portfolio and still earn less than cash.
Full definitions: alternatives ETFs vocabulary page. →
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QBUL: QBUL in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QBUL −0.26%.
<figure style="margin:0;max-width:640px">
<iframe src="https://etfiq.com/embed/alternatives/qbul/" title="QBUL: QBUL in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QBUL −0.26%." width="640" height="334" loading="lazy" style="border:0;max-width:100%;width:100%"></iframe>
<figcaption style="font:13px/1.5 sans-serif">QBUL: QBUL in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QBUL −0.26%. Data: <a href="https://etfiq.com/funds/qbul">ETFIQ</a></figcaption>
</figure>

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Snapshot, Nov 4, 2026. More on the tabs above.