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MAYZ

GradeDChicago Board Options Exchange

TrueShares Structured Outcome (May) ETF

Buffered · TrueShares · Inception 2021-04-30

$37.06+0.00 (+0.00%)

As of Sep 23, 2026, 9:46 AM EDT

Intraday session: flat, 2 prints from 37.06 to 37.06. Range 36.81 to 37.06. Use the arrow keys to read each point.$36.80$36.90$37.0010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$33M
1Y return
+12.5%
Yield · Last 12 months
1.94%
Holdings
13
Volume · 30D
0M sh
NAV per share
$37.05
52W range
low $31.04high $37.23

The ETF.net MAYZ Grade

D

33/ 100

Rank 70 of 77 in S&P 500 Buffer 9-12%⁠

Confidence Medium

Six-pillar profile for MAYZ. Scores out of 100: Cost 40, Risk 23, Mission not scored, Tradability 26, Holdings not scored, Durability 41. Strongest: Durability (41). Weakest: Risk (23). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 33 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 rank54/77 · 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 rank69/73 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 26
    Category rank63/77 · 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 41
    Category rank57/77 · mid-pack

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

Our read on MAYZ

ETF.net Research

DA May-reset buffer fund with a twist: it aims to cushion the first 8% to 12% of S&P 500 price-index losses over each 12-month period, and its terms set no ceiling on the upside.

Stated mandate

The fund seeks to track the S&P 500 Price Return Index before fees while buffering the first 8% to 12% of index losses over a 12-month period. It uses an options-based buffer-protect strategy.

Why people hold it

  1. 01The options-based buffer-protect design targets the first 8% to 12% of S&P 500 price-index losses over a 12-month stretch, with no stated upside cap in its buffer terms.
  2. 02The outcome period resets each May 1 and runs a full year, so the calendar is known in advance rather than improvised.
  3. 03Built as a 1940 Act ETF holding index options, not a bank-issued structured note, so the wrapper carries no single-issuer credit risk.
  4. 04At 0.79%, the fee sits level with the best-known dated buffer funds, including Innovator's May-series fund (PMAY).

Worth knowing

  1. 01The buffer is a range, not a fixed line, and it is measured across the whole outcome period. Entering mid-period changes both the remaining cushion and the return path.
  2. 02Cheaper paths to buffered S&P 500 exposure exist, including laddered rivals PSFF (0.10%) and BUFP (0.50%).
  3. 03A small fund that trades lightly, so bid-ask spreads can run wider than in the largest buffer ETFs.

MAYZ Holdings

As of Sep 20, 2026, 6:45 AM
Asset class
Stocks
Holdings
13
Top-10 weight
101%
Largest holding
TREASURY BILL B 04/15/2792.5%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—TREASURY BILL B 04/15/2792.54%30,870,600$30M9
002—SPY 04/30/27 C718.66 Euro Cash Flex5.67%234$2M1
003—SPY 04/30/27 C717.00 Euro Cash Flex1.55%63$506K1
004—SPY 04/30/27 C739.00 Euro Cash Flex0.78%40$254K1
005—SPY 04/30/27 C756.00 Euro Cash Flex0.32%20$103K1
006—SPY 04/30/27 C779.00 Euro Cash Flex0.15%13$48K1
007—SPY 04/30/27 C755.00 Euro Cash Flex0.11%7$36K1
008—STATE STREET INST U.S. GOVERNMENT MMKT ADMN CLASS0.09%30,468$30K23
009—BROKER SWEEP0.07%24,148$24K14
010—SPY 04/30/27 C734.00 Euro Cash Flex0.06%3$20K1
011—SPY 04/30/27 C725.00 Euro Cash Flex0.05%2$15K1

Showing 1–11 of 11 holdings

MAYZ Performance

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

MAYZ$11,253
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. MAYZ $11,253. SPY $11,723. Use the arrow keys to read each point.$9,253$10,600$11,947Sep 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 MAYZ. Periods over one year show the average yearly return.
PeriodMAYZ
Year to date+10.7%
1 month+0.9%
3 months+2.8%
1 year+12.5%
3 years+16.9%per year
5 years+9.4%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 MAYZ
YearReturn barMAYZ
2026 YTD+10.7%
2025+13.7%
2024+17.7%
2023+15.9%
2022−14.0%
2021+10.1%

History from May 3, 2021

MAYZ in the news

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

MAYZ 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.
1.94%Last 12 months
Payout per share
$0.72Last 12 months
Last payment
$0.72 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 $0.51; Dec 29, 2022 $0.16; Dec 27, 2023 $0.72; Dec 27, 2024 $0.59; Dec 24, 2025 $0.72. Use the arrow keys to read each point.202120222023202420252026YTD
Ex-datePay dateAmount per share
Dec 24, 2025Dec 26, 2025$0.72
Dec 27, 2024Dec 30, 2024$0.59
Dec 27, 2023Dec 29, 2023$0.72
Dec 29, 2022Jan 3, 2023$0.16
Dec 29, 2021Dec 31, 2021$0.51

MAYZ Risk

How much the fund’s monthly returns vary, scaled to a year.
10.6%
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.
0.99
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.
−19.3%
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.
0.81
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.

MAYZ 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.

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