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Launched · SEC filings

TrueShares Structured Outcome (January) ETF

JANZCboeTrueSharesD

$40.40+0.17 (+0.41%)

As of Nov 6, 2026, 11:05 AM ET

D37/ 100

Rank 69 of 77 in S&P 500 Buffer 9-12%

D37/100Rank 69 of 77inS&P 500 Buffer 9-12%
Intraday session: up, 19 prints from 40.23 to 40.40. Range 40.23 to 40.48. Use the arrow keys to read each point.40.3040.3540.4510 AM12 PM2 PM4 PM
Expense ratio
0.80%
Fund size
$41M
1Y total return
+5.9%
Yield · Last 12 months
1.35%
Holdings
14
Avg volume · 30D
2.44K sh
52W range
low $35.96high $42.34
Launched
Filings
SEC EDGAR

The ETF.net JANZ Grade

Based on 4 of 6 pillars

D

Score 37 out of 100

Category
S&P 500 Buffer 9-12%⁠
Rank
69 of 77
Six-pillar profile for JANZ. Scores out of 100: Cost 40, Risk 29, Mission not scored, Tradability 37, Holdings not scored, Durability 49. Strongest: Durability (49). Weakest: Risk (29). Based on 4 of 6 pillars.

Score 37 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C40 out of 100
    Rank 34 of 77

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D29 out of 100
    Rank 65 of 77

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D37 out of 100
    Rank 55 of 77

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C49 out of 100
    Rank 38 of 77

Our read on JANZ

ETF.net Research

In short

DThe buffer ETF that refuses to cap you. TrueShares pioneered the uncapped format in 2020: no ceiling on gains, just a partial share of the S&P 500's price move, with the first 8% to 12% of a calendar-year drop buffered.

Stated mandate

The Fund seeks returns tracking the S&P 500 Price Return Index while buffering the first 8%–12% of index losses over a 12-month period. Its current period runs from January 1 through December 31, 2026.

Why people hold it

  • No cap, by design. Most buffer funds trade away a ceiling on gains; this series pioneered the uncapped format in 2020 and takes a partial slice of index upside instead.true-shares.com
  • The buffer is the headline: it aims to absorb the first 8% to 12% of S&P 500 price losses (the adviser targets 10%) over the January to December period, then resets.true-shares.com
  • Siblings start in other months (FEBZ, MARZ, JULZ and more), so the uncapped format can be spread across staggered start dates instead of one January entry point.

Worth knowing

  • 0.80% sits near the typical buffer-fund fee, though cheaper takes exist: AUGP and PQX charge 0.50%, ZALT 0.69%.
  • Uncapped is not free. Upside arrives as a share of index gains, not all of them, and option pricing sets that share each period.true-shares.comtrue-shares.com 2
  • The reference is the S&P 500 Price Return Index, so dividends sit outside the math. It is also a small fund that trades thinly, which can mean wider spreads.

JANZ Performance

Launched Dec 31, 2020

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

Not enough history yet.
JANZ$10,594
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,934
Nov 5, 2025 to Nov 5, 2026. JANZ $10,594. SPY $10,934. Use the arrow keys to read each point.$10,000$11,000Nov 2025May 2026Nov 2026

Nov 5, 2025 – Nov 5, 2026

Returns run to the Nov 5, 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 JANZ. Periods over one year show the average yearly return.
PeriodJANZ
Year to date+5.5%
1 month−4.4%
3 months−4.2%
1 year+5.9%
3 yearsper year+14.7%
5 yearsper year+8.3%
10 yearsFund is under 10 years oldper yearNo data

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 JANZ
YearReturn barJANZ
2026 YTD+5.5%
2025+12.5%
2024+18.1%
2023+19.1%
2022−11.4%
2021+21.2%

History from Jan 5, 2021

JANZ in the news

JANZ 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 Nov 5, 2026.
1.35%Last 12 months
Payout per share
$0.54Last 12 months
Last payment
$0.54 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 $1.32; Dec 29, 2022 $0.05; Dec 27, 2023 $0.77; Dec 27, 2024 $0.93; Dec 24, 2025 $0.54. Use the arrow keys to read each point.202120222023202420252026YTD
Ex-datePay dateAmount per share
Dec 24, 2025Dec 26, 2025$0.54
Dec 27, 2024Dec 30, 2024$0.93
Dec 27, 2023Dec 29, 2023$0.77
Dec 29, 2022Jan 3, 2023$0.05
Dec 29, 2021Dec 31, 2021$1.32

$10,000 in JANZ 5 years ago paid $1,198 in dividends.

JANZ Risk

Risk pillarD29 out of 100Rank 65 of 77 in S&P 500 Buffer 9-12%
How much the fund’s monthly returns vary, scaled to a year.
9.3%
Annualised · 36 months to Oct 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.
1.23
vs 3-month T-bills · to Oct 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.
−18.1%
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.
0.73
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.

FMP measures it over up to five years of monthly returns.

JANZ Cost

Compare JANZ and XTR

Overpaying vs XTR, cheapest in S&P 500 Buffer 9-12%

$10,187

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • JANZ 0.80%

    $15,346

  • XTR 0.25% Cheapest

    $5,159

$10,000
30 years

Cost over time

  • JANZ 0.80%
  • XTR 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530JANZ $15,346XTR $5,159

Year by year

YearJANZXTROverpaying
10$1,422$455$967
20$5,393$1,769$3,624
30$15,346$5,159$10,187

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