At a glance
MAYZ charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $34.7M in assets, the 8th largest of that group; it paid 1.95% of its price in distributions over the past 12 months, annual. Over the past year it returned +9.5% with distributions reinvested, 7th of those 8 funds; over three years it returned +17.9% a year. At its worst it fell 19.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months after the low.
The short version
TrueShares Structured Outcome (May) ETF (MAYZ) is an actively managed buffer fund. It holds Treasury bills plus options linked to the S&P 500 Price Return Index, aiming to absorb the first 8% to 12% of index losses over each May-to-April period. At 0.79% a year, it costs less than the 0.86% buffer-fund average. But gains may trail the index, and it is small: $34.7 million in assets as of June 30, 2026.
Price history
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MAYZ +9.5% 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 | |
|---|---|---|---|---|---|---|
| MAYZ official prospectus, to Dec 31, 2025 | — | +13.50% | — | — | — | +8.59% |
| MAYZ price data to Oct 27, 2026 | +10.1% | +9.5% | +17.9% | +8.7% | — | +9.1% |
- Over the year to Oct 27, 2026, MAYZ returned +9.5%, 7th of 8 among similar funds.
- Its 5-year annualized return was +8.7%.
- Its worst full calendar year was 2022 (-14.0%); its best was 2024 (+17.7%).
- The deepest fall in its price history was 19.2% (Dec 29, 2021 to Oct 12, 2022), recovered by Jan 19, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.1% | — |
| 2025 | +13.7% | +13.50% |
| 2024 | +17.7% | +17.76% |
| 2023 | +15.9% | +15.87% |
| 2022 | -14.0% | -14.03% |
| 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 19.1% over that stretch · deepest drop along the way 19.2%, back to its old high 15.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.7200 | +22.0% |
| 2024 | $0.5900 | -18.1% |
| 2023 | $0.7200 | +350.0% |
| 2022 | $0.1600 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 93.54% of assets.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 93.54% |
By country
United States 93.54%By issuer
US Treasury 93.54%The bonds mature in 0.8 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 $18.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.70%, +4.21%, -0.85%.
How it works
MAYZ is actively managed by TrueMark Investments, LLC and does not own stocks. On each Roll Date in early May, it sells (writes) put options and buys call options on the S&P 500 Price Return Index, or on an ETF that tracks it. All of these options expire on the next Roll Date. The puts are set about 8% to 12% below the index level, with a 10% target. The premium they bring in pays for calls set near the index's starting level. A call gains value when the index rises above its strike price. A sold put costs the fund money only once the index falls below its strike. That gap is the buffer.
The rest of the money sits in US Treasury bills. As of June 30, 2026, one Treasury bill maturing April 15, 2027 made up 93.5% of net assets. Eight option positions made up 6.3%, led by FLEX call options on SPY expiring April 30, 2027. FLEX options are customized exchange-traded contracts. They are guaranteed for settlement by The Options Clearing Corporation and can be exercised only at expiry.
The target outcomes apply only from one Roll Date to the next. Buyers who enter mid-period may get a different buffer. Between roll dates, the share price may not reflect the buffer. Losses beyond the buffer pass through to holders, and option costs can make gains trail the index.
What it really costs
- MAYZ 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 |
|---|---|---|---|---|
| MAYZ | $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 Price Return Index losses each May-to-April period, while keeping much of the stock market's direction.
MAYZ could cushion part of a portfolio's stock exposure, but the cushion has limits. The fund launched in May 2021, so it has no record in the 2008 crisis or the 2020 crash. In the 2022 bear market, it fell 19.2% from its December 29, 2021 peak to its October 12, 2022 low. It took about 15 months from that low to recover, on January 19, 2024. Its worst calendar year was 2022, a loss of about 14%. Anyone forced to sell in a year like that could still lock in a sizable loss. It pays income once a year, and the trailing yield was 1.95% as of October 27, 2026. In the SEC's standard example, costs come to $81 in the first year on $10,000. 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 seeking S&P 500-linked exposure with a buffer against the first 8% to 12% of losses over each May-to-April period.
- Cost-conscious buffer-fund shoppers: its 0.79% expense ratio ties for lowest among the eight buffer ETFs compared, below the 0.86% average.
- Investors willing to give up some upside, and the S&P 500's dividends, in return for a partial cushion on losses.
Look elsewhere if
- Anyone needing protection from deep declines: MAYZ fell 19.2% from December 2021 to October 2022, and the buffer doesn't cover larger losses.
- Income seekers wanting regular payouts: it pays once a year, with a 1.95% trailing yield as of October 27, 2026.
- Investors who value fund size: with $34.7 million in net assets as of June 30, 2026, it is the smallest of the eight compared.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| MAYZ this fund | 0.79% | $34.7M | +9.5% | +17.9% |
| 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 MAYZ good for retirement?
It may suit retirees who want stock-market exposure with a partial cushion, but the cushion has limits. MAYZ aims to absorb the first 8% to 12% of S&P 500 Price Return Index losses each May-to-April period. Even so, it lost about 14% in 2022 and fell 19.2% at its worst. It costs 0.79% a year, or $81 in the first year on $10,000 in the SEC's standard example. It is worth weighing as part of the whole portfolio.
How does the MAYZ buffer work?
Each May, MAYZ sells put options about 8% to 12% below the S&P 500 Price Return Index's level, aiming for 10%. It uses the premium to buy call options near the starting level. If the index falls by less than the buffer by April 30, the fund aims to avoid that loss before fees. If the index falls further, the fund aims to lose 8 to 12 percentage points less than the index. There is no guarantee the strategy will work.
Does MAYZ pay dividends?
Yes, but only once a year. MAYZ paid $0.72 per share over the 12 months to October 27, 2026, a trailing yield of 1.95%. The fund doesn't own stocks directly. As of June 30, 2026, about 93.5% of its assets were in a single US Treasury bill. Its options track the S&P 500 Price Return Index, which leaves out stock dividends. Investors focused on income may find monthly payers easier to plan around.
MAYZ vs PJAN: what's the difference?
Both are US stock buffer ETFs with the same 0.79% expense ratio. MAYZ, managed by TrueMark, resets each May. PJAN, from Innovator, resets each January. PJAN is far larger: about $1.4 billion in net assets as of July 31, 2026, against $34.7 million for MAYZ as of June 30, 2026. As of October 27, 2026, MAYZ returned 9.5% over one year and 17.9% a year over three years. PJAN returned 10.5% and 14.8%.
What happens if I buy MAYZ after May 1?
The full buffer applies only from May 1 to April 30. A later buyer starts from wherever the index and the options have moved since then. Protection may be bigger or smaller than 8% to 12%, and upside may differ too. The prospectus flags this as a timing risk. Between roll dates, the fund's value may not reflect the buffer outcome. That outcome is set when the options expire on the next Roll Date.