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DECZ

GradeCChicago Board Options Exchange

TrueShares Structured Outcome (December) ETF

Buffered · TrueShares · Inception 2020-11-30

$44.13−0.29 (−0.64%)

As of Sep 23, 2026, 3:10 PM EDT

Intraday session: down, 67 prints from 44.42 to 44.13. Range 44.08 to 44.37. Use the arrow keys to read each point.$44.20$44.3010 AM12 PM2 PM4 PM
Expense ratio
0.80%
Fund size
$37M
1Y return
+12.2%
Yield · Last 12 months
2.97%
Holdings
21
Volume · 30D
0M sh
NAV per share
$44.41
52W range
low $37.98high $44.64

The ETF.net DECZ Grade

C

43/ 100

Rank 51 of 77 in S&P 500 Buffer 9-12%⁠

Confidence Medium

Six-pillar profile for DECZ. Scores out of 100: Cost 40, Risk 23, Mission not scored, Tradability 33, Holdings 100, Durability 44. Strongest: Holdings (100). Weakest: Risk (23). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 43 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 40
    Category rank48/77 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    FScore 23
    Category rank65/73 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 33
    Category rank56/77 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    AScore 100
    Category rank1/42 · top 2%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 44
    Category rank51/77 · mid-pack

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on DECZ

ETF.net Research

CMost buffer ETFs cap your upside to pay for the cushion. DECZ skips the cap: it aims to absorb the first 8% to 12% of an S&P 500 price drop each December-to-December period, taking partial upside instead.

Stated mandate

The Fund seeks to track the S&P 500 Price Return Index before fees and expenses while cushioning the first 8% to 12% of index losses during each twelve-month period.

Why people hold it

  1. 01No ceiling on gains. Rather than a cap, DECZ takes partial participation in the index's rise, so a runaway rally isn't cut off at a fixed number.true-shares.com
  2. 02Part of the TrueShares series that pioneered the uncapped buffer format in 2020, one fund per month. DECZ owns the December-to-December window.true-shares.com
  3. 03The cushion is written into the mandate: the first 8% to 12% of S&P 500 price losses over each twelve-month period, absorbed before you feel them.true-shares.com

Worth knowing

  1. 01Costs 0.80% a year, about the buffer-ETF median but well above laddered options like BUFP at 0.50%.
  2. 02The buffer is a target range, not a fixed number, and it resets each December. Buy mid-period and your cushion looks different.true-shares.com
  3. 03Small and thinly traded, so spreads can run wider than the category's giants. The reference is a price index, so dividends sit outside the math.

DECZ Holdings

As of Sep 20, 2026, 6:44 AM
Asset class
Stocks
Holdings
21
Top-10 weight
100%
Largest holding
TREASURY BILL B 11/27/2689.8%

Sectors

The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—TREASURY BILL B 11/27/2689.82%33,312,100$33M25
002—SPY 11/30/26 C683.42 Euro Cash Flex7.98%335$3M1
003—SPY 11/30/26 C683.40 Euro Cash Flex0.52%22$193K1
004—SPY 11/30/26 C665.00 Euro Cash Flex0.43%15$158K1
005—SPY 11/30/26 C696.01 Euro Cash Flex0.25%12$91K1
006—SPY 11/30/26 C683.01 Euro Cash Flex0.24%10$88K1
007—SPY 11/30/26 C686.01 Euro Cash Flex0.23%10$85K1
008—SPY 11/30/26 C667.00 Euro Cash Flex0.14%5$52K1
009—SPY 11/30/26 C710.00 Euro Cash Flex0.14%8$51K1
010—SPY 11/30/26 C694.00 Euro Cash Flex0.11%5$39K1
011—STATE STREET INST U.S. GOVERNMENT MMKT ADMN CLASS0.08%30,333$30K23
012—SPY 11/30/26 C725.00 Euro Cash Flex0.08%6$30K1
013—SPY 11/30/26 C734.00 Euro Cash Flex0.07%6$26K1
014—SPY 11/30/26 C714.00 Euro Cash Flex0.05%3$18K1
015—BROKER SWEEP0.04%13,278$13K14

Showing 1–15 of 17 holdings

DECZ Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

DECZ$11,216
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. DECZ $11,216. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for DECZ. Periods over one year show the average yearly return.
PeriodDECZ
Year to date+10.2%
1 month+0.9%
3 months+2.9%
1 year+12.2%
3 years+16.6%per year
5 years+11.0%per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for DECZ
YearReturn barDECZ
2026 YTD+10.2%
2025+12.3%
2024+18.9%
2023+18.3%
2022−9.0%
2021+20.2%
2020+1.6%

History from Dec 1, 2020

DECZ in the news

ETF.net Research hasn’t filed on DECZ yet — coverage lands here as it’s written.

DECZ Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
2.97%Last 12 months
Payout per share
$1.32Last 12 months
Last payment
$1.32 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2021–2026

One bar per payment. 5 payments from 2021 to 2026 YTD. Dec 29, 2021 $0.14; Dec 29, 2022 $0.39; Dec 27, 2023 $0.39; Dec 27, 2024 $0.94; Dec 24, 2025 $1.32. Use the arrow keys to read each point.202120222023202420252026YTD
Ex-datePay dateAmount per share
Dec 24, 2025Dec 26, 2025$1.32
Dec 27, 2024Dec 30, 2024$0.94
Dec 27, 2023Dec 29, 2023$0.39
Dec 29, 2022Jan 3, 2023$0.39
Dec 29, 2021Dec 31, 2021$0.14

DECZ Risk

How much the fund’s monthly returns vary, scaled to a year.
9.5%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.06
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−16.6%
Trough Oct 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.72
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

DECZ Cost

Expense ratio0.80%
  • The middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

57 of the 77 S&P 500 Buffer 9-12% funds charge less.

DECZ costs $80.00 a year on $10,000. The median S&P 500 Buffer 9-12% fund costs $79.00.