Skip to content
etf.net

JANZ

GradeDChicago Board Options Exchange

TrueShares Structured Outcome (January) ETF

Buffered · TrueShares · Inception 2020-12-31

$41.79−0.27 (−0.64%)

As of Sep 23, 2026, 3:13 PM EDT

Intraday session: down, 55 prints from 42.06 to 41.79. Range 41.74 to 42.06. Use the arrow keys to read each point.$41.90$42.0010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$41M
1Y return
+12.2%
Yield · Last 12 months
1.29%
Holdings
16
Volume · 30D
0M sh
NAV per share
$42.05
52W range
low $35.96high $42.27

The ETF.net JANZ Grade

D

36/ 100

Rank 65 of 77 in S&P 500 Buffer 9-12%⁠

Confidence Medium

Six-pillar profile for JANZ. Scores out of 100: Cost 40, Risk 28, Mission not scored, Tradability 34, Holdings not scored, Durability 50. Strongest: Durability (50). Weakest: Risk (28). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 36 of 100 sits in the D 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 rank50/77 · 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.
    DScore 28
    Category rank61/73 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 34
    Category rank55/77 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 50
    Category rank38/77 · top 49%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on JANZ

ETF.net Research

DMost buffer ETFs sell you downside protection and charge for it with a hard ceiling on gains. JANZ skips the ceiling: it targets a buffer on the first 8% to 12% of S&P 500 price losses each January-to-December period, with no stated cap on the upside.

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

  1. 01No stated upside cap. The mandate defines a buffer on the first 8% to 12% of S&P 500 price losses, not a ceiling on how far the fund can follow a rally.sec.gov
  2. 02The outcome period runs January 1 to December 31, so the annual reset sits on the calendar year rather than mid-month.sec.gov
  3. 03The uncapped design costs no premium: 0.79% is the median fee among S&P 500 buffer funds, matching monthly-series peers like PMAY.
  4. 04Launched at the end of 2020, so it carries years of live trading history across calm and volatile markets, not a backtest.

Worth knowing

  1. 01The buffer is a target range of 8% to 12%, not a fixed number, and it is designed for holders who own the fund for the whole period. Mid-period buyers get different math.sec.gov
  2. 02The reference is the S&P 500 Price Return Index, so dividends sit outside the payoff.
  3. 03It is a small fund that trades thinly, so spreads add to the 0.79% fee, and cheaper structured S&P 500 options exist in the cohort (BUFP at 0.50%).

JANZ Holdings

As of Sep 20, 2026, 6:45 AM
Asset class
Stocks
Holdings
16
Top-10 weight
100%
Largest holding
TREASURY BILL B 12/24/2686.9%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—TREASURY BILL B 12/24/2686.88%35,716,100$35M27
002—SPY 12/31/26 C681.95 Euro Cash Flex9.15%404$4M1
003—STATE STREET INST U.S. GOVERNMENT MMKT ADMN CLASS2.74%1,112,894$1M23
004—SPY 12/31/26 C696.01 Euro Cash Flex0.78%40$318K1
005—SPY 12/31/26 C697.01 Euro Cash Flex0.25%13$102K1
006—SPY 12/31/26 C680.00 Euro Cash Flex0.21%9$84K1
007—SPY 12/31/26 C687.00 Euro Cash Flex0.19%9$79K1
008—SPY 12/31/26 C700.00 Euro Cash Flex0.06%3$23K1
009—BROKER SWEEP0.05%21,145$21K14
010—SPY 12/31/26 C714.00 Euro Cash Flex0.05%3$19K1
011—SPY 12/31/26 C788.49 Euro Cash Flex0.03%11$14K1
012—SPY 12/31/26 C747.00 Euro Cash Flex0.02%2$7K1
013—SPY 12/31/26 C710.00 Euro Cash Flex0.02%1$7K1
014—SPY 12/31/26 C791.87 Euro Cash Flex<0.01%2$2K1

Showing 1–14 of 14 holdings

JANZ Performance

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

JANZ$11,224
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. JANZ $11,224. 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 JANZ. Periods over one year show the average yearly return.
PeriodJANZ
Year to date+10.3%
1 month+0.9%
3 months+2.9%
1 year+12.2%
3 years+16.7%per year
5 years+10.5%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 JANZ
YearReturn barJANZ
2026 YTD+10.3%
2025+12.5%
2024+18.1%
2023+19.1%
2022−11.4%
2021+21.2%

History from Jan 5, 2021

JANZ in the news

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

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 Sep 22, 2026.
1.29%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

JANZ Risk

How much the fund’s monthly returns vary, scaled to a year.
9.8%
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.
1.03
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.
−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.

JANZ Cost

Expense ratio0.79%
  • The middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

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

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