At a glance
DECZ charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $36.3M in assets, the 8th largest of that group; it paid 2.99% of its price in distributions over the past 12 months, annual. Over the past year it returned +9.0% with distributions reinvested, the weakest of those 8 funds; over three years it returned +17.6% a year. At its worst it fell 16.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months after the low.
The short version
TrueShares Structured Outcome (December) ETF (DECZ) is an actively managed buffer ETF. It holds mostly Treasury bills plus options on the S&P 500, and it tries to absorb the first 8% to 12% of S&P 500 Price Return Index losses in each period from December to November. Its 0.79% expense ratio ties for the lowest among similar buffer funds. With about $36 million in net assets as of June 30, 2026, it is also the smallest.
Price history
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DECZ +9.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DECZ official prospectus, to Dec 31, 2025 | — | +12.32% | — | +11.74% | — | — |
| DECZ price data to Oct 27, 2026 | +9.6% | +9.0% | +17.6% | +10.2% | — | +11.4% |
- Over the year to Oct 27, 2026, DECZ returned +9.0%, 8th of 8 among similar funds.
- Its 5-year annualized return was +10.2%.
- Its worst full calendar year was 2022 (-9.0%); its best was 2024 (+18.9%).
- The deepest fall in its price history was 16.6% (Jan 4, 2022 to Oct 12, 2022), recovered by Jun 13, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.6% | — |
| 2025 | +12.3% | +12.32% |
| 2024 | +18.9% | +19.00% |
| 2023 | +18.3% | +17.97% |
| 2022 | -9.0% | -8.80% |
| 2021 | — | +20.17% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.5% over that stretch · deepest drop along the way 16.6%, back to its old high 8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $1.3200 | +40.4% |
| 2024 | $0.9400 | +141.0% |
| 2023 | $0.3900 | 0.0% |
| 2022 | $0.3900 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 90.62% of assets.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 90.62% |
By country
United States 90.62%By issuer
US Treasury 90.62%The bonds mature in 0.4 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $27.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.77%, +4.25%, -1.03%.
How it works
DECZ does not follow an index. Its adviser, TrueMark Investments, actively manages the fund. The goal is to track the S&P 500 Price Return Index, which counts price changes but not dividends, while cushioning the first 8% to 12% of losses. Each cushioned period lasts 12 months and starts on a "roll date" each December 1. One period runs from December 1, 2025, to November 30, 2026.
On the first day of each period, the fund sells (writes) put options. A put option pays its buyer if the index falls below a set "strike" price. The fund sets these strikes about 8% to 12% below the index, aiming for 10%. It uses the cash it collects to buy call options, which gain value if the index rises. The number of calls that cash buys decides how much of the index's gain the fund captures, and that share can be well below 100%. Most of the options are FLEX options on SPY, an S&P 500 ETF. These are custom options traded on Cboe and guaranteed by the Options Clearing Corporation. They can only be exercised when they expire.
Most of the remaining money sits in Treasury bills. As of June 30, 2026, one bill maturing November 27, 2026, made up 90.6% of assets, and options made up about 9.3%. The buffer applies only from one December roll date to the next. The fund's value between roll dates may not reflect it, and losses beyond the buffer pass through to shareholders.
What it really costs
- DECZ charges 0.79% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $977 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DECZ | $81 | $252 | $439 | $977 |
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It aims to absorb the first 8% to 12% of S&P 500 price losses each December-to-November period, which may give up some of the index's gains.
DECZ could soften moderate stock declines for someone who wants S&P 500 exposure but worries about a drop just before drawing on savings. The fund launched after the 2008 crisis and the 2020 COVID crash, so its record covers neither. In the 2022 bear market it fell 16.6% from January 4 to October 12, 2022. It took about 8 months to recover, by June 13, 2023. That drop was larger than the buffer, a reminder that the fund's value between roll dates may not reflect the cushion. Its 2022 calendar-year loss was 8.8%. Anyone forced to sell in the middle of a bad period could lose more than the buffer suggests. The trailing yield was 2.99% as of October 27, 2026, paid once a year. Yearly costs are 0.79%, or $81 on $10,000 in the first year under the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 price exposure with a cushion against the first 8% to 12% of losses, measured from each December 1 roll date.
- Cost-conscious buffer-fund buyers: its 0.79% expense ratio ties for the lowest among eight similar funds, against a 0.86% average.
- People who can buy near a December roll date and hold until November 30, when the options expire and the buffer fully applies.
Look elsewhere if
- Anyone who wants S&P 500 dividends or full upside: it tracks the price-only index, and its share of gains depends on option prices.
- Investors who prefer large, heavily traded funds: net assets were about $36 million as of June 30, 2026, after roughly $27 million in three-month outflows.
- Those seeking crash protection: losses beyond the 8%–12% buffer pass through, and the fund fell 16.6% from peak to low in 2022.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| DECZ this fund | 0.79% | $36.3M | +9.0% | +17.6% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Is DECZ good for retirement?
DECZ may suit retirees who want S&P 500 exposure with some cushion against moderate declines. In exchange, they may give up dividends and part of the market's gains. Its 2022 calendar-year loss was 8.8%, but from January to October 2022 it fell 16.6% and needed about 8 months to recover. It costs 0.79% a year. Its small size, about $36 million as of June 30, 2026, is worth weighing. Past results don't predict the future.
What's the difference between DECZ and PDEC?
Both are December-reset buffer ETFs that charge 0.79% a year, but different firms run them, and PDEC is much larger. PDEC, from Innovator, had about $984 million in net assets as of July 31, 2026, compared with about $36 million for DECZ as of June 30, 2026. As of October 27, 2026, PDEC returned 11.6% over one year and 14.9% a year over three years. DECZ returned 9.0% and 17.6%. Comparing the buffer and upside terms in each prospectus may help.
Does DECZ pay dividends?
Yes, DECZ pays a distribution once a year. Over the trailing 12 months it paid $1.32 per share, a yield of 2.99% as of October 27, 2026. The fund holds mostly Treasury bills, which earn interest. It does not pass along S&P 500 dividends, because its options track the S&P 500 Price Return Index. That index measures price changes only. Income-focused investors may find annual payments less useful than monthly ones.
Does DECZ have a cap on gains?
The prospectus doesn't describe a fixed cap. It describes reduced participation instead. On each December roll date, the fund sells put options and uses that cash to buy at-the-money call options. How many calls the cash buys decides how much of the S&P 500's gain the fund captures. The prospectus warns this could be substantially less than the index's gain. Fees also reduce returns. Over the year to October 27, 2026, DECZ ranked last of eight similar buffer funds.
What happens if I buy DECZ in the middle of the year?
Someone who buys after December 1 gets a different outcome from the one the fund was built for. The buffer is measured from the index level on the roll date, not from the day of purchase. If the index has already risen, the buyer may have to absorb a decline before the buffer starts. The prospectus also warns that values between roll dates may not reflect the buffer. The options expire November 30, and new ones are set on December 1.