JANZ ETF — TrueShares Structured Outcome (January) ETF

TrueShares Structured Outcome (January) ETF (JANZ)

JANZ is an ETF. its distribution rate is 1.30%, its trailing-12-month yield is 1.30%, its expense ratio is 0.79%. Dividend Vision Distribution Safety Score™ is 50/100 (Unproven). Total return is 85.6% over the past 5.7 years, 37.7 points behind SPY at 123.3%.

At the current 1.30% distribution rate, a $10,000 investment would generate approximately $130 per year if the next payment matches the last regular one.

This actively-managed ETF seeks structured outcomes by investing substantially all of its assets in options on the S&P 500, purchasing call options and selling put options that roll over on a set schedule. The fund carries a modest current distribution rate and pays distributions annually, with an expense ratio of 0.79%. The strategy appeals to income-focused investors seeking defined-outcome exposure to broad U.S. equity markets through an options-based framework.

JANZ performance versus SPY

Price and return data through 2026-09-30.

Total return is 85.6% over the past 5.7 years, 37.7 points behind SPY at 123.3%. Over the past year its total return — price change plus distributions reinvested — is 11.0%. Its deepest 1-year drawdown was 6.8%.

JANZ key facts

Distribution Safety Score™

50 · Unproven

Issuer

TrueShares

Asset type

ETF

Asset class

Fixed Income

Inception date

12/31/2020

Expense ratio

0.79%

Distribution rate

1.30%

Distribution frequency

Annual

Trailing yield

1.30%

Last close

$41.53 (as of 2026-09-30)

NAV

$41.60

Premium / discount

0.17% discount

AUM

$41,092,765

Average volume

1889.0

Last dividend

$0.541

Last ex-dividend date

12/24/2025

Last payment date

12/26/2025 (as of 2025-12-26)

Beta

0.75

P/E ratio

27.1517

How Dividend Vision calculates yield and returns

Distribution rate (1.30%) is the latest regular payout annualized by the fund's stated frequency, divided by the last close. Issuers often publish this as “Distribution Rate” on the fact sheet. Trailing-12-month yield (1.30%) is the sum of distributions paid in the last 12 months, split-adjusted, divided by the last close. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: TrueShares; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

JANZ risks and drawbacks

JANZ's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Payments are annual, so cash flow is lumpy versus a monthly fund. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 6.8%.

Who may consider JANZ — and who may not

It is a weaker fit for investors who need monthly cash flow (JANZ pays annual); investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

Frequently asked questions

More securities from TrueShares.