WBI BullBear Value 3000 ETF
WBIF
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- WBI BullBear Value 3000 ETF (WBIF) is an actively managed exchange-traded fund that seeks long-term capital appreciation and current income potential while aiming to protect principal during unfavorable market conditions through a tactical investment approach. The fund invests primarily in equity securities of small-, mid-, and large-capitalization domestic and foreign companies exhibiting attractive value characteristics and growth in intrinsic value; these include common stocks, preferred stocks, rights, warrants, convertibles, exchange-traded funds, real estate investment trusts, and master limited partnerships. It also allocates to debt securities such as fixed, floating, and variable rate corporate debt, U.S. Government securities, foreign issuer debt, sovereign debt, high-yield bonds, exchange-traded notes, and related exchange-traded funds, with maturities ranging from less than one year to 30 years; up to 20% of net assets may target high-yield bonds, up to 50% in emerging markets equities, and equity option strategies including covered calls, protective puts, and index options to enhance returns or mitigate volatility. The proprietary quantitative selection process screens for undervalued securities using fundamental data and technical overlays, paired with a disciplined sell strategy that raises cash when prices fall below acceptable ranges, often resulting in portfolio turnover exceeding 500% annually and significant cash holdings during volatility. Millington Securities, LLC serves as investment advisor, with affiliate WBI Investments, LLC acting as sub-advisor for day-to-day management; portfolio managers include Don Schreiber, Jr., founder of WBI Investments since 1984 and co-chief executive officer, and Matthew Schreiber, co-chief executive officer and co-chief investment officer. WBI Investments, founded in 1984, is headquartered at One River Centre, 331 Newman Springs Road, Suite 143, Red Bank, New Jersey 07701, and oversees a family of WBI ETFs launched starting in August 2014, when 10 active non-transparent ETFs raised over $1 billion on debut. The fund trades on NYSE Arca under ticker WBIF (CUSIP 00400R6018) with total annual operating expenses of 1.52% (capped at 1.70% until at least October 31, 2025, excluding acquired fund fees). Recent developments include quarterly distributions declared in 2024 and 2025, such as $0.0262, $0.0433, $0.1395, $0.1235, $0.0971, $0.0028, and $0.0153 per share, alongside routine prospectus updates filed in 2024 and portfolio adjustments reflected in the fiscal year ended June 30, 2024, with high turnover of 742%. The fund maintains approximately 68-74 holdings, with top exposures recently in sectors like information technology (around 30%), industrials (21%), financials (16%), and consumer discretionary (11%), including names such as Alphabet Inc., Meta Platforms Inc., Interactive Brokers Group Inc., and Microsoft Corp.; assets under management stand at roughly $30 million. No major acquisitions, funding rounds, or strategic alliances specific to WBIF were reported in the last 1-2 years, though WBI Investments continues quantitative model refinements amid market volatility.