At a glance
OCTZ charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $42.5M in assets, the 8th largest of that group; it paid 3.65% 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 +18.0% a year. At its worst it fell 15.8% 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 (October) ETF (OCTZ) is an actively managed buffer fund. It holds mostly Treasury bills plus options on the S&P 500 Price Return Index. The goal is to track the index's gains while cushioning the first 8% to 12% of losses over each October-to-September period. Its 0.79% expense ratio ties for lowest among similar buffer funds. With $42.5 million in assets as of June 30, 2026, it is also the smallest.
Price history
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OCTZ +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 | |
|---|---|---|---|---|---|---|
| OCTZ official prospectus, to Dec 31, 2025 | — | +12.68% | — | +11.34% | — | +12.57% |
| OCTZ price data to Oct 27, 2026 | +9.4% | +9.2% | +18.0% | +10.0% | — | +11.3% |
- Over the year to Oct 27, 2026, OCTZ returned +9.2%, 8th of 8 among similar funds.
- Its 5-year annualized return was +10.0%.
- Its worst full calendar year was 2022 (-10.2%); its best was 2024 (+18.9%).
- The deepest fall in its price history was 15.8% (Dec 29, 2021 to Jun 16, 2022), recovered by Jun 30, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.4% | — |
| 2025 | +12.9% | +12.68% |
| 2024 | +18.9% | +18.99% |
| 2023 | +18.2% | +18.23% |
| 2022 | -10.2% | -10.31% |
| 2021 | — | +20.37% |
| 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 15.5% over that stretch · deepest drop along the way 15.8%, back to its old high 12.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $1.7000 | +246.9% |
| 2024 | $0.4900 | -55.0% |
| 2023 | $1.0900 | +445.0% |
| 2022 | $0.2000 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 89.6% of assets.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 89.60% |
By country
United States 89.6%By issuer
US Treasury 89.6%The bonds mature in 0.2 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 $26.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.69%, +4.34%, -1.13%.
How it works
OCTZ does not own stocks. Its adviser, TrueMark Investments, resets the fund each October 1, which it calls the roll date. On that day it sells put options on the S&P 500 Price Return Index, or on an ETF that tracks it, with strike prices about 8% to 12% below the index level. It aims for about 10%. The fund uses the money from those sales to buy at-the-money call options, which gain when the index rises. All of these options expire on the next roll date, so each outcome period runs from October 1 to September 30.
Most of the money sits in Treasury bills. As of June 30, 2026, one Treasury bill maturing September 3, 2026, made up 89.6% of assets. Another 10.2% was in 17 option positions. The largest was a call on SPY, expiring September 30, 2026, at 5.4%. The fund mainly uses FLEX options, which are customized options traded on Cboe and guaranteed by the Options Clearing Corporation. They are European-style, meaning they can be used only when they expire. Portfolio turnover was 0%.
Some points to understand. The buffer applies only from roll date to roll date. If you buy or sell partway through, your result can be quite different. The price index leaves out dividends. Gains may trail the index, possibly by a lot. Losses beyond the buffer are not protected, and nothing is guaranteed.
What it really costs
- OCTZ 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 |
|---|---|---|---|---|
| OCTZ | $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 offers S&P 500 exposure designed to soften the first 8% to 12% of losses each period, and it gives up some upside in return.
OCTZ could add stock-market exposure that tends to fall less in moderate declines. It launched in September 2020, so it has no record from the 2008 crisis or the 2020 COVID crash. In the 2022 bear market it fell 15.8% from its late-December 2021 peak to June 16, 2022. It took about 12.5 months to recover, by June 30, 2023. Its worst calendar year was 2022, at -10.31%. That mid-period drop shows the buffer helps less if you have to sell before September 30. Its trailing yield was 3.65% as of October 27, 2026, but it pays only once a year, so it is not built for monthly income. Under the SEC's standard example, the 0.79% expense ratio costs about $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 who want S&P 500 exposure with a cushion against the first 8% to 12% of losses and can hold from October 1 to September 30.
- Cost-conscious buffer-fund shoppers: its 0.79% expense ratio ties for lowest among eight similar funds, where the average is 0.86%.
- Investors who accept smaller gains for less volatility. Its beta was 0.81 and its one-year volatility 10.5% as of October 27, 2026.
Look elsewhere if
- Those who need regular income: it pays once a year, despite a 3.65% trailing yield as of October 27, 2026.
- Investors wanting deep protection: declines beyond the 8% to 12% buffer pass through, and it fell 15.8% during 2022.
- Those who prefer large, widely traded funds: at $42.5 million as of June 30, 2026, it is the smallest of its peers.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| OCTZ this fund | 0.79% | $42.5M | +9.2% | +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
Does OCTZ protect against stock market losses?
Only partly. OCTZ aims to absorb, or buffer, the first 8% to 12% of losses in the S&P 500 Price Return Index over each period from October 1 to September 30. Losses beyond the buffer pass through, nothing is guaranteed, and the buffer applies to the full period, so investors who buy after October 1 may get different protection. In the 2022 bear market, the fund's price fell 15.8% from its December 29, 2021 peak to June 16, 2022, then took about 12.5 months to recover.
What does OCTZ actually hold?
Mostly Treasury bills, plus a small slice of options. As of June 30, 2026, a US Treasury bill (short-term government debt) maturing September 3, 2026 made up 89.6% of the fund. About 10.2% sat in 17 option positions, led by FLEX options on SPY, an S&P 500 ETF, expiring September 30, 2026. FLEX options are customizable exchange-traded options whose settlement is guaranteed by The Options Clearing Corporation. The fund holds no individual stocks; its stock market exposure comes through these options.
Is OCTZ good for retirement?
It may suit people in or near retirement who want S&P 500 exposure with a cushion against yearly declines of up to 8% to 12%. The trade-offs: OCTZ targets the S&P 500 Price Return Index, which excludes dividends, and may not capture all of the index's gains. It costs 0.79% a year: $81 in year one and $977 over 10 years on $10,000, in the SEC's standard example assuming 5% annual returns. Its SEC-standard average annual return was 11.34% over five years to December 31, 2025.
Does OCTZ pay dividends?
Yes, once a year. Over the 12 months to October 27, 2026, OCTZ paid $1.70 per share, a trailing yield (the past year's payouts divided by the share price) of 3.65%. These are not S&P 500 dividends: the fund holds Treasury bills and options rather than stocks, and its target, the S&P 500 Price Return Index, leaves dividends out. Because payouts are annual, the fund may not suit retirees who need monthly income, and the amount can vary from year to year.
What's the difference between OCTZ and BUFR?
Mainly cost, size and timing. OCTZ charges 0.79% a year; the FT Vest Laddered Buffer ETF (BUFR) charges 0.95%. BUFR held about $10.5 billion as of August 31, 2026, against about $42.5 million for OCTZ as of June 30, 2026. A laddered fund generally spreads money across buffer periods starting in different months, so entry timing matters less than with OCTZ's single October reset. Through October 27, 2026, OCTZ's price return was 9.2% over one year versus 11.6% for BUFR, and 18% a year over three years versus 16.8%.