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Launched · SEC filings

TrueShares Structured Outcome (January) ETF

JANZCboeD

$42.23+0.03 (+0.07%)

As of Oct 13, 2026, 3:59 PM

D36/ 100

Rank 68 of 77 in S&P 500 Buffer 9-12%

D36/100Rank 68 of 77inS&P 500 Buffer 9-12%
Intraday session: up, 71 prints from 42.20 to 42.23. Range 42.14 to 42.27. Use the arrow keys to read each point.42.1542.1742.2542.2710 AM12 PM2 PM4 PM
Expense ratio
0.80%
Fund size
$42M
1Y total return
+14.6%
Yield · Last 12 months
1.28%
Holdings
14
Avg volume · 30D
0M sh
NAV per share
$42.24
52W range
low $35.96high $42.34
Launched
Filings
SEC EDGAR

The ETF.net JANZ Grade

Based on 4 of 6 pillars

D

Score 36 out of 100

Category
S&P 500 Buffer 9-12%⁠
Rank
68 of 77
Six-pillar profile for JANZ. Scores out of 100: Cost 40, Risk 29, Mission not scored, Tradability 34, Holdings not scored, Durability 49. Strongest: Durability (49). Weakest: Risk (29). Based on 4 of 6 pillars.

Score 36 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 64 of 76

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D34 out of 100
    Rank 56 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 39 of 77

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 Oct 13, 2026
Asset class
Stocks
Holdings
14
Top-10 weight
100%
Largest holding
Treasury Bill B 12/24/2685.6%

Sectors

  • Technology37.9%
  • Financials11.7%
  • Communication10.0%
  • Consumer Discretionary9.6%
  • Health Care9.1%
  • Industrials8.4%
  • Consumer Staples4.6%
  • Energy3.0%
  • Utilities2.3%
  • Real Estate1.9%
  • Materials1.7%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Treasury Bill B 12/24/2685.61%36,102,100$36M39
002—SPY 12/31/26 C681.95 Euro Cash Flex10.08%404$4M1
003—State Street Inst U.s. Government Mmkt Admn Class2.68%1,123,042$1M23
004—SPY 12/31/26 C696.01 Euro Cash Flex0.87%40$365K1
005—SPY 12/31/26 C697.01 Euro Cash Flex0.28%13$117K1
006—SPY 12/31/26 C680.00 Euro Cash Flex0.23%9$96K1
007—SPY 12/31/26 C687.00 Euro Cash Flex0.21%9$90K1
008—SPY 12/31/26 C700.00 Euro Cash Flex0.06%3$26K1
009—SPY 12/31/26 C714.00 Euro Cash Flex0.05%3$22K1
010—SPY 12/31/26 C788.49 Euro Cash Flex0.04%11$18K1
011—Broker Sweep0.04%17,808$18K14
012—SPY 12/31/26 C747.00 Euro Cash Flex0.02%2$9K1
013—SPY 12/31/26 C791.87 Euro Cash Flex0.02%6$9K1
014—SPY 12/31/26 C710.00 Euro Cash Flex0.02%1$8K1

Showing 1–14 of 14 holdings

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$11,456
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. JANZ $11,456. SPY $12,044. Use the arrow keys to read each point.$9,582$10,912$12,243Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

Returns run to the Oct 12, 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+10.8%
1 month+1.6%
3 months+2.3%
1 year+14.6%
3 yearsper year+16.7%
5 yearsper year+10.8%
10 yearsFund is under 10 years oldper 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+10.8%
2025+12.5%
2024+18.1%
2023+19.1%
2022−11.4%
2021+21.2%

History from Jan 5, 2021

JANZ in the news

Filtered to JANZ · S&P 500 Buffer 9-12%

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 Oct 12, 2026.
1.28%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.
9.4%
Annualised · 36 months to Sep 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.
1.20
vs 3-month T-bills · to Sep 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 ratio0.80%
  • The middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

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

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

Other funds in S&P 500 Buffer 9-12%

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