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MARZ

GradeDChicago Board Options Exchange

TrueShares Structured Outcome (March) ETF

Buffered · TrueShares · Inception 2021-02-26

$37.42−0.21 (−0.57%)

As of Sep 23, 2026, 2:20 PM EDT

Intraday session: down, 52 prints from 37.63 to 37.42. Range 37.30 to 37.58. Use the arrow keys to read each point.$37.30$37.50$37.6010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$34M
1Y return
+11.5%
Yield · Last 12 months
3.00%
Holdings
19
Volume · 30D
0M sh
NAV per share
$37.62
52W range
low $32.27high $37.87

The ETF.net MARZ Grade

D

34/ 100

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

Confidence Medium

Six-pillar profile for MARZ. Scores out of 100: Cost 40, Risk 23, Mission not scored, Tradability 30, Holdings not scored, Durability 42. Strongest: Durability (42). Weakest: Risk (23). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 34 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 rank53/77 · 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 rank68/73 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 30
    Category rank59/77 · bottom quartile

  • 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 42
    Category rank54/77 · mid-pack

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

Our read on MARZ

ETF.net Research

DA March-dated buffer fund with an unusual twist: TrueShares defines the downside (the first 8% to 12% of S&P 500 price-index losses each 12-month period, dividends excluded) without naming an upside cap in its objective.

Stated mandate

The fund seeks returns tracking the S&P 500 Price Return Index while buffering the first 8%–12% of index losses during each 12-month March-to-March investment period.

Why people hold it

  1. 01No stated upside cap in its mandate. The floor is spelled out, the ceiling isn't, which is rare in a category built on trading away the top end.
  2. 02Part of a monthly ladder. Sister funds run the same strategy off other start months (FEBZ, JULZ, AUGZ, SEPZ), so the entry calendar isn't only March.
  3. 03Live since 2021, so its March-to-March reset has been through multiple full cycles rather than existing only on paper.

Worth knowing

  1. 01The buffer is a range, not a fixed number. Where it lands between 8% and 12% is set at the start of each March period, not known in advance.
  2. 02At 0.79% the fee sits right at the median for its buffer peer group, and cheaper structures exist there (ZALT at 0.69%, BUFB at 0.10%).
  3. 03One of the smaller, lightly traded funds in its category, which typically shows up as wider bid-ask spreads at the moment you transact.

MARZ Holdings

As of Sep 20, 2026, 6:45 AM
Asset class
Stocks
Holdings
19
Top-10 weight
100%
Largest holding
TREASURY BILL B 02/18/2791.0%
The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—TREASURY BILL B 02/18/2791.01%30,968,700$30M63
002—SPY 02/26/27 C686.01 Euro Cash Flex4.93%169$2M1
003—SPY 02/26/27 C719.00 Euro Cash Flex1.46%70$487K1
004—SPY 02/26/27 C717.00 Euro Cash Flex1.32%62$442K1
005—SPY 02/26/27 C658.00 Euro Cash Flex0.59%16$196K1
006—SPY 02/26/27 C758.01 Euro Cash Flex0.50%42$169K1
007—SPY 02/26/27 C737.00 Euro Cash Flex0.20%12$66K1
008—BROKER SWEEP0.19%62,566$63K14
009—SPY 02/26/27 C700.00 Euro Cash Flex0.10%4$34K1
010—STATE STREET INST U.S. GOVERNMENT MMKT ADMN CLASS0.09%30,435$30K23
011—SPY 02/26/27 C779.00 Euro Cash Flex0.06%8$22K1
012—SPY 02/26/27 C739.00 Euro Cash Flex0.06%4$22K1
013—SPY 02/26/27 C725.00 Euro Cash Flex0.06%3$19K1
014—SPY 02/26/27 C734.00 Euro Cash Flex0.05%3$17K1
015—SPY 02/26/27 C710.00 Euro Cash Flex0.05%2$15K1

Showing 1–15 of 17 holdings

MARZ Performance

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

MARZ$11,151
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. MARZ $11,151. 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 MARZ. Periods over one year show the average yearly return.
PeriodMARZ
Year to date+9.8%
1 month+0.8%
3 months+2.6%
1 year+11.5%
3 years+16.5%per year
5 years+10.3%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 MARZ
YearReturn barMARZ
2026 YTD+9.8%
2025+12.9%
2024+17.9%
2023+20.4%
2022−12.7%
2021+17.8%

History from Mar 2, 2021

MARZ in the news

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

MARZ 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.
3.00%Last 12 months
Payout per share
$1.13Last 12 months
Last payment
$1.13 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 $0.70; Dec 29, 2022 $0.19; Dec 27, 2023 $2.04; Dec 27, 2024 $1.43; Dec 24, 2025 $1.13. Use the arrow keys to read each point.202120222023202420252026YTD
Ex-datePay dateAmount per share
Dec 24, 2025Dec 26, 2025$1.13
Dec 27, 2024Dec 30, 2024$1.43
Dec 27, 2023Dec 29, 2023$2.04
Dec 29, 2022Jan 3, 2023$0.19
Dec 29, 2021Dec 31, 2021$0.70

MARZ Risk

How much the fund’s monthly returns vary, scaled to a year.
9.7%
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.
−18.9%
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.
0.70
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.

MARZ 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.

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