At a glance
ONEZ charges 0.96% a year, above the 0.86% average of the 7 funds most like it (the most expensive of 8). It has $339.0M in assets, the 8th largest of that group; it paid 3.66% of its price in distributions over the past 12 months, annual. Over the past year it returned +7.8% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds. Its ten largest positions make up 75.6% of the fund, out of 14 in all.
The short version
TrueShares Seasonality Laddered Buffered ETF (ONEZ) is an actively managed fund of funds that owns 14 TrueShares ETFs. Twelve are buffered funds, each resetting in a different month, that use options to cushion the first 8% to 12% of losses in an index of 500 large U.S. companies. The other two are hedged funds. The adviser shifts the weights each month using a seasonal model based on stock returns back to 1927. Its 0.96% expense ratio is higher than that of similar buffer funds.
Price history
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ONEZ +7.8% 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 | |
|---|---|---|---|---|---|---|
| ONEZ price data to Oct 27, 2026 | +8.4% | +7.8% | — | — | — | +10.0% |
- Over the year to Oct 27, 2026, ONEZ returned +7.8%, 8th of 8 among similar funds.
- The deepest fall in its price history was 13.2% (Feb 18, 2025 to Apr 8, 2025), recovered by Jul 3, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +8.4% |
| 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 | Before this security existed |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jul 31, 2026, the fund held 14 securities; the ten largest made up 75.6% of assets.
| Fund held | Weight | |
|---|---|---|
| TrueShares Structured Outcome September | 7.85% | |
| TrueShares Structured Outcome August | 7.79% | |
| TrueShares Structured Outcome October | 7.70% | |
| TrueShares Structured Outcome January | 7.65% | |
| TrueShares Structured Outcome December | 7.57% | |
| TrueShares Structured Outcome May | 7.50% | |
| TrueShares Structured Outcome April | 7.50% | |
| TrueShares Structured Outcome March | 7.42% | |
| TrueShares Structured Outcome July | 7.35% | |
| TrueShares Structured Outcome February | 7.27% | |
| TrueShares Structured Outcome June | 7.19% | |
| TrueShares Structured Outcome November | 7.12% | |
| TrueShares Quarterly Bull Hedge | 7.09% | |
| TrueShares Quarterly Bear Hedge | 2.99% |
By country
United States 100%By asset type
Stocks 100%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $189.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.83%, -0.90%, -0.18%.
How it works
ONEZ doesn't track an index. Its adviser, TrueMark Investments, builds it from other ETFs. Twelve are TrueShares Structured Outcome funds, one for each month from January (JANZ) to December (DECZ). Each uses options on an index of 500 large U.S. companies. The goal is to capture the index's gains over a 12-month period while absorbing the first 8% to 12% of losses. Losses beyond that pass through in full. As of July 31, 2026, each monthly fund made up 7.1% to 7.9% of assets. Spreading the reset dates across the year is called laddering. It lowers the risk of buying or selling any one fund at a bad moment.
The other two holdings are the TrueShares Quarterly Bull Hedge ETF (QBUL, 7.1%) and the Quarterly Bear Hedge ETF (QBER, 3.0%). Both hold mostly short-term, high-quality bonds. The Bull fund adds call options, which gain when stocks rise. The Bear fund adds put options, which gain when stocks fall. Both aim to protect at least 98% of principal from quarter to quarter.
Each month, the adviser ranks the coming month from 1 to 12 on a seasonal scale built from large-company stock returns since 1927. It then shifts money among the 14 funds. Portfolio turnover was 136%. ONEZ itself has no buffer. It rarely buys a monthly fund on its start date or holds it to the end, so it will likely not get the full protection.
What it really costs
- ONEZ charges 0.96% a year, versus an average of 0.86% for the similar funds below (8th of 8, cheapest first).
- Of that, 0.19% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $98 in the first year and $1,177 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ONEZ | $98 | $306 | $531 | $1,177 |
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.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
ONEZ owns stock-linked buffered and hedged funds that aim for smaller swings than the broad large-company stock market, at the cost of some return.
ONEZ may smooth out the stock part of a portfolio. In the year to October 27, 2026, its volatility was 9.8% and its beta was 0.71. Beta measures how much a fund moves with the market: here, roughly 0.71% for each 1% market move. Its deepest drop since its January 2025 launch was 13.2%, from February 18 to April 8, 2025. It recovered by July 3, 2025, about 2.8 months later. The fund is too new to have gone through 2008, 2020 or 2022, so there is no record of how it holds up in a long bear market. Losses beyond the buffers pass through, which matters for anyone who may have to sell in a bad year. The trailing yield was 3.66% as of October 27, 2026, paid once a year. In the SEC's $10,000 example, costs total $98 after one year. 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 exposure to large U.S. companies with smaller swings, and accept paying 0.96% a year for buffers spread across 12 monthly reset dates.
- Holders who don't want to time one buffered ETF's start date, since ONEZ spreads money across all 12 TrueShares monthly buffered funds.
- Investors open to a seasonal tilt, where the adviser shifts money among 14 funds each month based on stock-return patterns going back to 1927.
Look elsewhere if
- Cost-focused investors: at 0.96%, ONEZ was the most expensive of the eight buffer funds compared, against a 0.86% average for its peers.
- Anyone who needs regular income: the 3.66% trailing yield came in one annual payment, not monthly or quarterly.
- Investors who want a long track record or a set floor on losses: ONEZ launched in January 2025 and has no buffer of its own.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| ONEZ this fund | 0.96% | $339.0M | +7.8% | — |
| 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 ONEZ protect against losses?
Only partly, and with no set floor. ONEZ itself has no buffer. Each of its 12 underlying TrueShares Structured Outcome ETFs tries to absorb the first 8% to 12% of losses in an index of 500 large U.S. companies over its own 12-month period. Bigger drops pass through. ONEZ rarely buys a fund on its start date or sells it on its end date, so the prospectus says it will likely not get the full benefit of those buffers.
What's the difference between ONEZ and BUFR?
Both are laddered buffer ETFs that hold a set of monthly buffered funds. ONEZ also holds two TrueShares hedged ETFs and shifts its weights each month using a seasonal model. BUFR, from FT Vest, is much larger: about $10.5 billion in net assets as of August 31, 2026, against about $339 million for ONEZ as of July 31, 2026. BUFR's expense ratio is 0.95%, against 0.96% for ONEZ. In the year to October 27, 2026, BUFR returned 11.6% and ONEZ returned 7.8%.
How often does ONEZ pay dividends?
Once a year. In the 12 months to October 27, 2026, ONEZ paid $1.03 per share, a trailing yield of 3.66%. Its underlying funds earn interest from Treasury bills and short-term bonds held alongside their options. Because it pays only once a year, ONEZ may not suit someone who relies on monthly or quarterly cash. Future payments could be higher or lower.
What is the ONEZ expense ratio?
ONEZ's expense ratio is 0.96%, according to its prospectus filed February 27, 2026. Its management fee is 0.19%. The rest of the expense ratio covers other costs, including its share of the fees charged by the ETFs it owns. In the SEC's standard example ($10,000 invested, earning 5% a year), costs total $98 after one year, $531 after five years and $1,177 after 10. Similar buffer funds averaged 0.86%.
Is ONEZ good for retirement?
It may suit retirees who want stock exposure with smaller swings, but its track record is short. Since it launched on January 24, 2025, its deepest drop was 13.2%. It recovered that loss in about 2.8 months, by July 3, 2025. In the year to October 27, 2026, it returned 7.8% with a beta of 0.71. The drawbacks are a 0.96% expense ratio, once-a-year payouts and no buffer of its own. Losses beyond the underlying funds' 8% to 12% buffers pass through.