QBER ETF: What Is It? A Complete Guide to Returns, Expense Ratio, Holdings and Alternative ETFs
The TrueShares Quarterly Bear Hedge ETF (QBER) is an actively managed fund that resets its options hedge every quarter in an effort to defend against market declines. Its strategy structure and a comparison with similar products are the key selection criteria, and investors should weigh whether it belongs in a defensive portfolio along with its outlook.
SubscribeWhat Is the TrueShares Quarterly Bear Hedge ETF?
This is an actively managed ETF that resets its options-based hedge positions every quarter to cushion against the risk of market declines. Rather than simply tracking an index, it is managed with the goal of adjusting defensive exposure.
It suits defensive-minded investors who want to keep their equity allocation while softening losses during sharp sell-offs.
The ETF is managed actively by TrueShares.
How Do You Invest in the TrueShares Quarterly Bear Hedge ETF?
| Item | Details |
|---|---|
| Tracked Index | No index tracking (active management) |
| Management Style | Active (hedging strategy) |
| Rebalancing Frequency | Reset quarterly |
| Dividend Frequency | Irregular (paid when applicable) |
| Issuer | TrueShares |
| Total Expense Ratio | 0.79% |
The fund uses options hedge positions to cushion against equity market declines, and it resets them every quarter with the aim of maintaining defensive exposure. It is an active structure in which the management team adjusts hedge intensity at its discretion.
- Hedge reset structure on a quarterly basis
- Discretionary active management
TrueShares Quarterly Bear Hedge ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $72.5M, and the total expense ratio is 0.79% per year.
Unlike typical inverse products, its distinguishing feature is that it manages the degree of protection through discretionary hedge adjustments.
TrueShares Quarterly Bear Hedge ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeGiven the nature of a defensive product, it tends to show relatively muted performance in strong markets and a cushioning effect during sharp declines. Returns can vary significantly depending on the market volatility regime.
Interest in defensive hedge products tends to grow when market uncertainty rises, and conditions for fund inflows can emerge when risk aversion strengthens.
TrueShares Quarterly Bear Hedge ETF Pros and Cons
Its discretionary hedge structure aimed at downside protection is a strength, while relative underperformance in bull markets and active management costs are drawbacks.
💪 Key Strengths
⚠️ Points of Caution
TrueShares Quarterly Bear Hedge ETF Alternative ETFs and Related Products
Products such as CLSE, EHLS and FFLS shown in the table use long/short strategies to pursue absolute returns independent of market direction, while products such as HDGE provide bearish exposure through short selling of individual stocks. Direct defensive and inverse alternatives outside the table include SH, which offers inverse exposure to the S&P 500, PSQ, which is inverse to the Nasdaq 100, and SDS, a 2x inverse product, all of which can be considered together.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 CLSE | Convergence Long/Short Equity ETF | $33.56 | +0.6% | $1.0B | 1.52% | 0.77% | +26.7% |
 TOAK | Twin Oak Short Horizon Absolute Return ETF | $29.19 | +0.0% | $100.7M | 0.26% | - | +3.6% |
 EHLS | Even Herd Long Short ETF | $24.58 | +0.5% | $55.5M | 3.35% | - | +3.3% |
 HDGE | AdvisorShares Active Bear ETF | $15.08 | +0.5% | $47.6M | 3.62% | 3.75% | -6.8% |
 FFLS | The Future Fund Long/Short ETF | $23.05 | +0.4% | $44.5M | 1.24% | 0.13% | -0.9% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 BNO | United States Brent Oil Fund LP | 1.00% | $70.07 | -1.3% | $0.0M | - | - |
 USLM | United States Lime & Minerals Inc | 0.67% | $109.65 | -1.8% | $3.1B | 23.5 | 0.22% |
 UAMY | United States Antimony Corp | 0.33% | $2.85 | -6.9% | $426.6M | - | - |
 MYMK | State Street My2031 Municipal Bond ETF | 0.00% | $24.62 | +0.2% | $0.0M | - | 2.62% |
TrueShares Quarterly Bear Hedge ETF Investor Checkpoints
Here are the points to check before investing in QBER. Because defensive hedge products differ in nature from products that follow market upside, it is important to clearly understand the hedging purpose, cost burden and relative performance in bull markets beforehand.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 🛡️ Hedging Purpose | Whether it fits your portfolio defense goals | Needs review |
| 💵 Expense Ratio | Cost burden of active management | Relatively high |
| 📉 Bull Market Performance | Account for relative performance in rising markets | Muted performance |
| 🔄 Reset Structure | Understand how the quarterly hedge is readjusted | Quarterly |
Relative underperformance in bull markets and hedging costs are the main risk factors. If you expect to follow market upside rather than seek defense, you may end up with results that differ from your expectations.
It is a product worth considering when it fits the defensive goal of cushioning against market decline risk. If you want pure inverse exposure, compare it with SH and PSQ, and if you want absolute returns, compare it with long/short products before choosing.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of July 2, 2026.
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