At a glance
JULZ charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $33.1M in assets, the 8th largest of that group; it paid 10.88% of its price in distributions over the past 12 months, annual. Over the past year it returned +9.4% with distributions reinvested, the weakest of those 8 funds; over three years it returned +18.0% a year. At its worst it fell 14.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months after the low.
The short version
TrueShares Structured Outcome (July) ETF (JULZ) is an actively managed buffer fund: it holds mostly Treasury bills plus options tied to the S&P 500 Price Return Index, aiming to share in the index's gains while cushioning the first 8% to 12% of losses over each July-to-June period. Its 0.79% expense ratio ties for lowest among similar buffer funds, though at $33 million in assets as of June 30, 2026, it's the group's smallest.
Price history
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JULZ +9.4% 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 | |
|---|---|---|---|---|---|---|
| JULZ official prospectus, to Dec 31, 2025 | — | +12.95% | — | +11.53% | — | +13.58% |
| JULZ price data to Oct 27, 2026 | +10.0% | +9.4% | +18.0% | +10.3% | — | +11.5% |
- Over the year to Oct 27, 2026, JULZ returned +9.4%, 8th of 8 among similar funds.
- Its 5-year annualized return was +10.3%.
- Its worst full calendar year was 2022 (-9.3%); its best was 2024 (+18.8%).
- The deepest fall in its price history was 14.7% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 27, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.0% | — |
| 2025 | +13.2% | +12.95% |
| 2024 | +18.8% | +18.85% |
| 2023 | +17.6% | +17.81% |
| 2022 | -9.3% | -9.50% |
| 2021 | — | +20.56% |
| 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 14.4% over that stretch · deepest drop along the way 14.6%, back to its old high 12.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $5.0400 | +267.9% |
| 2024 | $1.3700 | +5.4% |
| 2023 | $1.3000 | +6400.0% |
| 2022 | $0.0200 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 87.52% of assets.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 87.52% |
By country
United States 87.52%By issuer
US Treasury 87.52%The bonds mature in 0.9 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 added a net $11.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.46%, +4.50%, -1.37%.
How it works
JULZ is actively managed. Its adviser, TrueMark Investments, runs a “buffer protect” strategy over 12-month periods running July 1 to June 30. On day one, the fund sells put options (contracts that pay the buyer if the index falls below a set “strike” price) with strikes 8% to 12% below the S&P 500 Price Return Index, targeting a 10% buffer. The premium it collects buys call options set at the index's starting level, which gain as the index rises. The options expire June 30, and the cycle repeats.
As of June 30, 2026, a Treasury bill maturing June 10, 2027, made up 87.5% of assets and options about 11.9%; the largest option was a call on SPY, an ETF that tracks the S&P 500. The fund favors FLEX options: customized exchange-traded contracts, guaranteed for settlement by the Options Clearing Corporation, that can be exercised only at expiration.
The buffer isn't guaranteed and applies only over a full period, before fees. Index losses beyond it pass straight through to shareholders. On the upside, the prospectus says the relative prices of the puts sold and calls bought set how much gain the fund captures, which could be substantially less than the index's. The price index also excludes dividends. Buying or selling mid-period can produce sharply different results.
What it really costs
- JULZ 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 |
|---|---|---|---|---|
| JULZ | $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 keeps S&P 500 exposure while aiming to cushion the first 8% to 12% of losses each period, giving up some upside and the index's dividends.
JULZ launched in June 2020, so it missed the 2008 crisis and the 2020 COVID crash. In the 2022 bear market it fell 14.6% from peak to trough and took about 12.5 months to recover; 2022 was its worst calendar year, a 9.5% loss. Its deepest drop, 14.7%, came mid-period, between February 19 and April 8, 2025, and it recovered in about 2.6 months. Anyone forced to sell partway through a period may not get the buffer's full benefit.
It pays once a year: the trailing 12-month payout was $5.04 per share, a 10.88% yield as of October 27, 2026, but one annual payment may not repeat. The 0.79% expense ratio, below the 0.86% peer average, works out to $81 in the first year on $10,000 in 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 each July-to-June period, who accept that gains may lag.
- Buyers able to invest near July 1 and hold through June 30, the window over which the buffer is designed to work.
- Cost-conscious buffer-fund shoppers: its 0.79% expense ratio ties for lowest among similar funds, versus 0.95% for the much larger BUFR.
Look elsewhere if
- Income seekers wanting regular checks: it pays once a year, and its 10.88% trailing yield as of October 27, 2026, may not repeat.
- Investors who may need to sell mid-period: returns before June 30 may not reflect the buffer; it fell 14.7% between February and April 2025.
- Those wanting full S&P 500 gains with dividends: JULZ's upside may trail the S&P 500 Price Return Index, which excludes dividends.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| JULZ this fund | 0.79% | $33.1M | +9.4% | +18.0% |
| 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
How does the JULZ buffer ETF work?
JULZ pairs Treasury bills with S&P 500 options. Each July 1, adviser TrueMark Investments sells put options that pay the buyer if the S&P 500 Price Return Index drops more than 8% to 12%, targeting a 10% buffer, and uses the premium to buy call options set at the index's starting level. Treasury bills made up 87.5% of assets as of June 30, 2026. The goal: absorb the first 8% to 12% of index losses over each July-to-June period while sharing in gains, which may trail the index's.
Can you lose money in JULZ?
Yes. The buffer covers only the first 8% to 12% of S&P 500 Price Return Index losses over a full July-to-June period, before fees, and isn't guaranteed. Losses beyond that pass through, and the prospectus warns a shareholder may lose their entire investment. JULZ lost 9.5% in calendar 2022, and its deepest drop was 14.7%, between February 19 and April 8, 2025, though it recovered in about 2.6 months.
Does JULZ pay dividends?
Yes, once a year. Over the trailing 12 months, as of October 27, 2026, it paid $5.04 per share, a 10.88% yield. That is one year's payment, and it may not repeat. JULZ doesn't collect the S&P 500's stock dividends: it holds Treasury bills and options rather than stocks, and it targets the price version of the index, which leaves dividends out.
What's the difference between JULZ and BUFR?
Both are buffer ETFs, but they differ in size, cost and recent returns. JULZ charges 0.79% a year versus 0.95% for FT Vest Laddered Buffer ETF (BUFR). BUFR held about $10.49 billion as of August 31, 2026, against $33 million for JULZ as of June 30, 2026. As of October 27, 2026, BUFR returned 11.6% over one year versus 9.4% for JULZ, while JULZ led over three years, 18% versus 16.8% a year. JULZ resets once a year, each July 1.
What happens if you buy JULZ after July 1?
The outcome can differ a lot. The buffer and upside are set for the full period from July 1 to June 30, so a later buyer starts from a different index level and different option values. If the index has risen since July 1, a later buyer may lose more before the buffer helps; if it has fallen, part of the buffer may already be used up. The prospectus flags this timing risk and says mid-period returns may not reflect the buffer strategy.