At a glance
JUNZ charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $31.5M in assets, the 8th largest of that group; it paid 2.09% of its price in distributions over the past 12 months, annual. Over the past year it returned +9.3% with distributions reinvested, the weakest of those 8 funds; over three years it returned +17.6% 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 14 months after the low.
The short version
TrueShares Structured Outcome (June) ETF (JUNZ) is an actively managed buffer ETF: it pairs Treasury bills with options on the S&P 500 Price Return Index, aiming to absorb the first 8% to 12% of index losses each June-to-May period. In exchange, it may capture less of the gains. Its 0.79% fee ties for the lowest among similar buffer funds, though its assets, $31.5 million as of June 30, 2026, are the group's smallest.
Price history
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JUNZ +9.3% 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 | |
|---|---|---|---|---|---|---|
| JUNZ official prospectus, to Dec 31, 2025 | — | +12.55% | — | — | — | +9.00% |
| JUNZ price data to Oct 27, 2026 | +10.0% | +9.3% | +17.6% | +9.0% | — | +9.4% |
- Over the year to Oct 27, 2026, JUNZ returned +9.3%, 8th of 8 among similar funds.
- Its 5-year annualized return was +9.0%.
- Its worst full calendar year was 2022 (-13.0%); its best was 2024 (+17.4%).
- The deepest fall in its price history was 17.9% (Jan 4, 2022 to Oct 11, 2022), recovered by Dec 13, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.0% | — |
| 2025 | +12.8% | +12.55% |
| 2024 | +17.4% | +17.60% |
| 2023 | +17.3% | +17.02% |
| 2022 | -13.0% | -12.87% |
| 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 17.8% over that stretch · deepest drop along the way 17.9%, back to its old high 14.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.7500 | -36.4% |
| 2024 | $1.1800 | -25.3% |
| 2023 | $1.5800 | +1115.4% |
| 2022 | $0.1300 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 96.59% of assets.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 96.59% |
By country
United States 96.59%By issuer
US Treasury 96.59%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 $17.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.19%, +4.11%, -0.70%.
How it works
TrueMark Investments, LLC actively manages JUNZ using a “buffer protect” options strategy on the S&P 500 Price Return Index, which leaves out dividends. At the start of each June-to-May period, the fund writes (sells) put options. These are contracts that cost it money only if the index ends the period below a set strike price, about 8% to 12% under the starting level, with 10% as the target. The premium from the puts pays for at-the-money call options, set at the starting level, which gain if the index rises. The price of the puts relative to the calls sets the fund's share of any gain, which could be substantially less than the index's.
As of June 30, 2026, a Treasury bill maturing May 13, 2027 made up 96.6% of the fund, so interest-rate risk is low. The options are on SPY, an S&P 500 ETF. They netted about 3% of assets and expire May 28, 2027. They are FLEX options: exchange-traded contracts guaranteed by The Options Clearing Corporation. They are also European-style, so they can be exercised only at expiration.
The buffer is built for holding from one June start date to the next, and the stated outcomes don't include the 0.79% fee. Investors who enter after a period begins, or leave before it ends, get results based on market prices at that moment. Index losses beyond the buffer pass through.
What it really costs
- JUNZ 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 |
|---|---|---|---|---|
| JUNZ | $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 cushion the first 8% to 12% of S&P 500 losses over each June-to-May period while keeping part of the market's gains.
JUNZ launched in May 2021, so it has no record in the 2008 financial crisis or the 2020 COVID crash. Its one big test was the 2022 bear market. It fell 17.9% from January 4 to October 11, 2022, and took about 14 months, until December 13, 2023, to regain that peak. Its worst calendar year was 2022, a 12.87% loss. Because the buffer resets each June, a retiree who had to sell shares in late 2022 got the market price, not a buffered outcome.
Income is modest. JUNZ paid $0.75 a share over the 12 months to October 27, 2026, a 2.09% yield, in one annual payment. Its 0.79% fee works out to $81 in the first year and $977 over 10 years on $10,000 in the SEC's standard example. Past results don't predict future ones, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Long-term holders who want S&P 500 price exposure cushioned against the first 8% to 12% of losses each June-to-May period.
- Fee-conscious buffer investors: its 0.79% expense ratio ties for the lowest among similar buffer funds and sits below their 0.86% average.
- Investors willing to give up some upside for less market sensitivity: its one-year beta was 0.82 as of October 27, 2026.
Look elsewhere if
- Those needing regular income: it pays once a year, and it yielded 2.09% over the 12 months to October 27, 2026.
- Investors wanting protection from deep crashes: losses beyond the buffer pass through, and JUNZ fell 17.9% in 2022, taking about 14 months to recover.
- Those preferring larger funds: at $31.5 million as of June 30, 2026, it's the smallest of eight similar buffer funds compared.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| JUNZ this fund | 0.79% | $31.5M | +9.3% | +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
How does the JUNZ buffer ETF work?
JUNZ uses options to cushion S&P 500 losses. At the start of each June-to-May period, it writes (sells) put options set about 8% to 12% below the S&P 500 Price Return Index, targeting 10%. It spends the premium on call options set at the starting level. Most assets sit in Treasury bills. If the index falls by less than the buffer over the full period, the fund aims to avoid that loss before fees. Losses beyond the buffer pass through. Gains could be substantially less than the index's.
Does JUNZ pay dividends?
Yes, but only once a year. JUNZ paid $0.75 per share over the 12 months to October 27, 2026, a yield of 2.09%. That isn't a pass-through of S&P 500 dividends. The fund holds Treasury bills and options, not stocks, and its options track the S&P 500 Price Return Index, which leaves out dividends. Investors seeking monthly or quarterly income may find funds that pay more often worth comparing.
What happens if I invest in JUNZ after June?
The stated buffer may not fully apply. The 8% to 12% cushion is measured from the start of each period, which begins in June, to its end the following May. If the index has already risen when you invest, you could lose money before the buffer starts working. If it has fallen, part of the buffer may be used up. Leaving before the period ends means getting the market value at that moment, not the stated outcome.
How did JUNZ do in the 2022 bear market?
It fell 17.9% from its January 4, 2022 peak to its October 11, 2022 low. It took about 14 months, until December 13, 2023, to climb back. For calendar 2022, the fund's prospectus shows a 12.87% loss, its worst year since its May 2021 launch. Calendar-year results don't line up with the buffer period, which runs June to May. The fund then gained 17.02% in 2023, 17.60% in 2024 and 12.55% in 2025.
JUNZ vs PJAN: what's the difference?
Both are buffer ETFs on U.S. stocks charging 0.79% a year, but they differ in size, timing and past returns. PJAN, the Innovator U.S. Equity Power Buffer ETF - January, had $1.44 billion in net assets as of July 31, 2026, versus $31.5 million for JUNZ as of June 30, 2026. As their names suggest, their outcome periods start in different months. As of October 27, 2026, JUNZ returned 9.3% over one year and 17.6% a year over three, versus 10.5% and 14.8% for PJAN.