At a glance
MARZ charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $35.6M in assets, the 8th largest of that group; it paid 3.02% of its price in distributions over the past 12 months, annual. Over the past year it returned +8.4% with distributions reinvested, the weakest of those 8 funds; over three years it returned +17.5% a year. At its worst it fell 18.9% 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 (March) ETF (MARZ) is an actively managed buffer ETF. It holds mostly short-term Treasury bills plus options on the S&P 500 Price Index. Its goal is to absorb roughly the first 8% to 12% of index losses over each March-to-February period. Its 0.79% expense ratio is below the 0.86% average of similar buffer funds. With $35.6 million in net assets as of June 30, 2026, it is also the smallest fund in that group.
Price history
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MARZ +8.4% 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 | |
|---|---|---|---|---|---|---|
| MARZ official prospectus, to Dec 31, 2025 | — | +12.76% | — | — | — | +10.74% |
| MARZ price data to Oct 27, 2026 | +9.1% | +8.4% | +17.5% | +9.6% | — | +11.1% |
- Over the year to Oct 27, 2026, MARZ returned +8.4%, 8th of 8 among similar funds.
- Its 5-year annualized return was +9.6%.
- Its worst full calendar year was 2022 (-12.7%); its best was 2023 (+20.4%).
- The deepest fall in its price history was 18.9% (Dec 29, 2021 to Oct 12, 2022), recovered by Jul 18, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.1% | — |
| 2025 | +12.9% | +12.76% |
| 2024 | +18.0% | +18.00% |
| 2023 | +20.4% | +20.45% |
| 2022 | -12.7% | -12.76% |
| 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 18.8% over that stretch · deepest drop along the way 18.9%, back to its old high 9.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $1.1300 | -21.0% |
| 2024 | $1.4300 | -29.9% |
| 2023 | $2.0400 | +973.7% |
| 2022 | $0.1900 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 91.61% of assets.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 91.61% |
By country
United States 91.61%By issuer
US Treasury 91.61%The bonds mature in 0.6 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 $16.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.85%, +4.16%, -0.97%.
How it works
MARZ is actively managed by TrueMark Investments. Each year on the March roll date, the fund sells (writes) put options on the S&P 500 Price Index, or on an ETF that tracks it. The strike prices are about 8% to 12% below the index level, with a target of 10%. The fund uses the premium it collects to buy at-the-money call options, which gain value if the index rises. All the options expire at the next roll date. The period that began March 1, 2026 ends February 28, 2027.
Most of the options are FLEX Options. These are customized contracts traded on Cboe, and settlement is guaranteed by the Options Clearing Corporation. They are European-style, which means they can be exercised only when they expire. As of June 30, 2026, a Treasury bill maturing February 18, 2027 made up 91.6% of net assets. Fourteen option positions, mostly calls on SPY expiring February 26, 2027, made up about 8%.
If the index falls less than the buffer over the full period, losses are largely absorbed. Declines beyond the buffer pass through to shareholders. Gains may trail the index, possibly by a wide margin. That's because the put premium decides how much call exposure the fund can buy. The index excludes dividends. Investors who buy or sell between roll dates may get results that don't reflect the buffer.
What it really costs
- MARZ 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 |
|---|---|---|---|---|
| MARZ | $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 each period, though deeper declines still pass through.
MARZ launched in February 2021, so it has no record from the 2008 crisis or the 2020 COVID crash. In the 2022 bear market it fell 18.9% from December 29, 2021 to October 12, 2022. It recovered by July 18, 2023, about 9.2 months later. Its prospectus shows a 12.76% loss for calendar 2022, its worst year. A retiree forced to sell near that low would have lost more than the buffer suggests, because the buffer applies only over a full March-to-February period.
The trailing yield was 3.02% as of October 27, 2026, paid once a year. Its 0.79% expense ratio is below the 0.86% peer average. On $10,000, the SEC example puts costs at $81 after one year and $977 after ten. Past results don't predict future returns, 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 exposure with a cushion against roughly the first 8% to 12% of index losses each March-to-February period.
- Cost-conscious buyers of buffer funds: its 0.79% expense ratio matches PJAN and PDEC and is below the 0.86% peer average.
- Holders who can buy near the March 1 roll date and hold for the full 12-month period, which is when the buffer is designed to work.
Look elsewhere if
- Anyone who needs regular income: its trailing yield was 3.02% as of October 27, 2026, paid only once a year.
- Investors who want full stock-market gains plus dividends. It follows a price-return index, and its gains may trail that index substantially.
- Investors who prefer larger funds: with $35.6 million in net assets as of June 30, 2026, it is 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 |
|---|---|---|---|---|
| MARZ this fund | 0.79% | $35.6M | +8.4% | +17.5% |
| 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
Does MARZ pay a dividend?
Yes, but only once a year. Over the 12 months to October 27, 2026, it paid $1.13 per share, a trailing yield of 3.02%. Its portfolio is mostly Treasury bills plus options, not dividend-paying stocks. The S&P 500 Price Index it follows excludes dividends. Investors who want monthly or quarterly income may find the once-a-year payment a poor fit.
How does the MARZ buffer work?
Each March, MARZ sells put options on the S&P 500 Price Index, or on an ETF that tracks it. The strikes are about 8% to 12% below the index level, with a target of 10%. The fund uses that premium to buy at-the-money call options and keeps most of its assets in Treasury bills. Over a full period, smaller index losses are largely absorbed, but losses beyond the buffer pass through. The prospectus says there's no guarantee the buffer will work.
What happens if you buy MARZ in the middle of the year?
You get a different outcome from someone who bought on the roll date. The buffer is set each March and lasts only until the next roll date. If the index has already risen, a mid-period buyer may face losses before the buffer starts to help. If the index has already fallen, part of the buffer may be used up. The prospectus warns that returns between roll dates may not reflect the strategy. The period that began March 1, 2026 ends February 28, 2027.
MARZ vs PJAN: what's the difference?
Both are buffered S&P 500 funds that charge 0.79% a year, but MARZ resets each March and PJAN each January. PJAN is much larger: $1.44 billion in net assets as of July 31, 2026, compared with $35.6 million for MARZ as of June 30, 2026. Through October 27, 2026, PJAN returned 10.5% over one year versus 8.4% for MARZ. MARZ was ahead over three years, at 17.5% a year compared with 14.8%.
How did MARZ do in 2022?
It lost 12.76% in calendar 2022, according to its prospectus. That is its worst year so far. From peak to low the drop was deeper: 18.9% between December 29, 2021 and October 12, 2022. It recovered by July 18, 2023, about 9.2 months later. It then gained 20.45% in 2023, 18.00% in 2024 and 12.76% in 2025. As of December 31, 2025, its average annual return since its February 2021 launch was 10.74%.