At a glance
JANZ charges 0.8% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $40.9M in assets, the 8th largest of that group; it paid 1.29% of its price in distributions over the past 12 months, annual. Over the past year it returned +9.2% with distributions reinvested, the weakest of those 8 funds; over three years it returned +17.8% a year. At its worst it fell 17.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months after the low.
The short version
TrueShares Structured Outcome (January) ETF (JANZ) is an actively managed buffer fund. It uses options on the S&P 500 Price Index, backed mostly by Treasury bills, to seek stock-market gains while cushioning the first 8% to 12% of losses over each January-to-December period. Its 0.80% expense ratio is below the 0.86% average for similar buffer funds. With $40.9 million in assets as of June 30, 2026, it is the smallest in that group.
Price history
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JANZ +9.2% 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 | |
|---|---|---|---|---|---|---|
| JANZ official prospectus, to Dec 31, 2025 | — | +12.40% | — | +11.24% | — | — |
| JANZ price data to Oct 27, 2026 | +9.7% | +9.2% | +17.8% | +9.8% | — | +11.0% |
- Over the year to Oct 27, 2026, JANZ returned +9.2%, 8th of 8 among similar funds.
- Its 5-year annualized return was +9.8%.
- Its worst full calendar year was 2022 (-11.4%); its best was 2023 (+19.1%).
- The deepest fall in its price history was 18.1% (Dec 29, 2021 to Oct 12, 2022), recovered by Jul 18, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.7% | — |
| 2025 | +12.5% | +12.40% |
| 2024 | +18.1% | +18.11% |
| 2023 | +19.1% | +18.91% |
| 2022 | -11.4% | -11.29% |
| 2021 | — | +21.65% |
| 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 17.9% over that stretch · deepest drop along the way 17.9%, back to its old high 9.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.5400 | -41.9% |
| 2024 | $0.9300 | +20.8% |
| 2023 | $0.7700 | +1440.0% |
| 2022 | $0.0500 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 87.71% of assets, and 2.72% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 87.71% |
By country
United States 87.71%By issuer
US Treasury 87.71%The bonds mature in 0.5 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 $42.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.66%, +4.31%, -1.04%.
How it works
JANZ is actively managed by TrueMark Investments, which runs a "buffer protect" options strategy on the S&P 500 Price Index. That is the version of the S&P 500 that leaves out dividends. On each January Roll Date, the fund sells (writes) put options with a strike price about 8% to 12% below the index, aiming for 10%. The premium it collects pays for at-the-money call options, which gain value when the index rises. All of these options expire when the 12-month period ends. The current period runs from January 1 to December 31, 2026.
Most of the money sits in short-term US Treasuries. As of June 30, 2026, a Treasury bill maturing December 24, 2026 made up 87.7% of net assets. Call options on SPY, an S&P 500 ETF, expiring December 31, 2026 made up about 9.6%, and cash 2.7%. The fund prefers FLEX options. These are customized contracts traded on Cboe and guaranteed for settlement by the Options Clearing Corporation. They are European-style, which means they can be used only at expiration.
The buffer is measured only from one Roll Date to the next. Someone who buys or sells partway through a period may get a very different result. Because the options cost money, gains may trail the index, possibly by a lot. Losses beyond the buffer pass through to holders. Portfolio turnover was 0%.
What it really costs
- JANZ charges 0.8% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
- Of that, 0.79% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $82 in the first year and $989 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| JANZ | $82 | $255 | $444 | $989 |
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 keeps S&P 500 exposure but uses options to soften the first 8% to 12% of each period's losses, giving up some upside and all index dividends in return.
JANZ could offer a gentler way to hold US stocks. It launched December 31, 2020, so it has no record from the 2008 crisis or the 2020 COVID crash. In the 2022 bear market, it fell 17.9% from January 3 to October 12 and took about nine months to recover, by July 2023. Yet it finished calendar 2022, its worst year, down 11.3%. That gap matters. The buffer is measured at the end of each period, so someone forced to sell shares in the middle of a bad year could lock in a deeper loss than the buffer suggests.
It is not an income fund. The trailing yield was 1.29% as of October 27, 2026, paid once a year. Costs are 0.80% a year, or $82 in the first year on $10,000 under the SEC's standard example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting S&P 500 exposure with a cushion against the first 8% to 12% of losses over each January-to-December period.
- Holders who can buy near January 1 and hold through December 31, the window over which the buffer is designed to work.
- Cost-conscious buffer investors: its 0.80% expense ratio ranked 3rd lowest of 8 similar funds, below the 0.86% peer average.
Look elsewhere if
- Investors seeking regular income: its trailing yield was 1.29%, paid once a year, and its index excludes stock dividends.
- Anyone who may need to sell mid-year: in 2022 it fell 17.9% peak to trough, though the calendar year ended at -11.3%.
- Those preferring larger funds: JANZ had $40.9 million in assets as of June 30, 2026, the smallest of eight similar buffer funds.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| JANZ this fund | 0.8% | $40.9M | +9.2% | +17.8% |
| 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 JANZ a good investment for retirement?
It depends on the role it plays. JANZ may suit retirees who want S&P 500 exposure with a cushion against the first 8% to 12% of losses over each calendar-year period. In 2022, its worst calendar year, it lost 11.3%, and its deepest drop was 18.1%. The trade-offs are a 0.80% expense ratio, no index dividends and gains that can trail the S&P 500.
What's the difference between JANZ and FJAN?
Both are buffer ETFs built around a January outcome period. JANZ, run by TrueMark Investments, costs 0.80% a year. FT Vest US Equity Buffer ETF – January (FJAN) costs 0.85%. FJAN is far larger, with about $1.47 billion in net assets as of August 31, 2026, against $40.9 million for JANZ as of June 30, 2026. As of October 27, 2026, FJAN returned 12.3% over one year versus 9.2% for JANZ. Their three-year annualized returns were close: 17.4% versus 17.8%.
Does JANZ pay dividends?
Yes, but not much, and only once a year. Its trailing 12-month yield was 1.29%, or $0.54 a share, as of October 27, 2026. That payout likely comes mostly from the Treasury bills that make up most of the portfolio. The fund tracks the S&P 500 Price Index, which excludes dividends. So holders do not collect the dividend income that owning S&P 500 stocks directly would provide.
What happens if you buy JANZ in the middle of the year?
Your result may differ from the stated buffer. The 8% to 12% buffer applies to the S&P 500 Price Index's move from the January Roll Date to the end of the period on December 31. A buyer who comes in after the index has risen may lose more before the buffer starts working. A buyer who comes in after a decline may have less buffer left. The prospectus warns that returns before a period ends may not reflect the strategy.
Can you lose money in JANZ?
Yes. The buffer covers only the first 8% to 12% of S&P 500 Price Index losses over a full January-to-December period. The prospectus says there is no guarantee it will work, and larger losses pass through to holders. In 2022, the fund fell 17.9% from January 3 to October 12 before recovering by July 2023. It ended that calendar year down 11.3%. Its 0.80% annual fee also reduces returns.