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Launched · SEC filings

TrueShares Structured Outcome (April) ETF

APRZCboeD

$41.050.00 (+0.01%)

As of Oct 13, 2026, 3:59 PM

D28/ 100

Rank 76 of 77 in S&P 500 Buffer 9-12%

D28/100Rank 76 of 77inS&P 500 Buffer 9-12%
Intraday session: up, 72 prints from 41.04 to 41.05. Range 40.95 to 41.10. Use the arrow keys to read each point.40.9540.9841.0041.0841.1010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$34M
1Y total return
+13.4%
Yield · Last 12 months
3.06%
Holdings
13
Avg volume · 30D
0M sh
NAV per share
$41.08
52W range
low $34.75high $41.29
Launched
Filings
SEC EDGAR

The ETF.net APRZ Grade

Based on 4 of 6 pillars

D

Score 28 out of 100

Category
S&P 500 Buffer 9-12%⁠
Rank
76 of 77
Six-pillar profile for APRZ. Scores out of 100: Cost 40, Risk 17, Mission not scored, Tradability 13, Holdings not scored, Durability 41. Strongest: Durability (41). Weakest: Tradability (13). Based on 4 of 6 pillars.

Score 28 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C40 out of 100
    Rank 34 of 77

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    F17 out of 100
    Rank 75 of 76

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F13 out of 100
    Rank 72 of 77

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C41 out of 100
    Rank 56 of 77

Our read on APRZ

ETF.net Research

DMost buffer ETFs cap your upside to pay for the cushion. APRZ skips the cap: options aim to mitigate the first 8% to 12% of S&P 500 price index losses over a 12-month period that resets each April, with no ceiling on gains.

Stated mandate

The fund seeks exposure to the S&P 500 Price Index through options while mitigating the first 8% to 12% of index losses over the investment period.

Why people hold it

  1. 01No upside ceiling. The usual buffer bargain is inverted: a cushion against the first 8% to 12% of index losses, and whatever the upside delivers stays yours.true-shares.com
  2. 02The adviser targets a 10% buffer struck off the index reference price at each roll, built from options and sub-advised by options specialist SpiderRock.sec.gov
  3. 03A 1940 Act ETF, not a bank-issued note, so no issuer credit risk. TrueShares says it launched the first uncapped buffer ETFs, and APRZ has run since 2021.true-shares.com

Worth knowing

  1. 01The buffer is a range, not a fixed number: filings say the first 8% to 12% of losses, set at the roll. Buy mid-period and your cushion looks different.sec.gov
  2. 02The reference is the S&P 500 price index, so dividends sit outside the payoff. Fees run 0.79%, against 0.74% at April-reset rivals like APRT.
  3. 03It trades lightly next to the category's biggest buffer funds, so spreads can be wider.

APRZ Holdings

As of Oct 13, 2026
Asset class
Stocks
Holdings
13
Top-10 weight
100%
Largest holding
Treasury Bill B 03/18/2786.4%

Sectors

  • Technology37.9%
  • Financials11.7%
  • Communication10.0%
  • Consumer Discretionary9.6%
  • Health Care9.1%
  • Industrials8.4%
  • Consumer Staples4.6%
  • Energy3.0%
  • Utilities2.3%
  • Real Estate1.9%
  • Materials1.7%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Treasury Bill B 03/18/2786.43%29,649,800$29M34
002—SPY 03/31/27 C650.34 Euro Cash Flex8.08%188$3M1
003—SPY 03/31/27 C717.00 Euro Cash Flex2.09%82$704K1
004—SPY 03/31/27 C719.00 Euro Cash Flex2.05%82$690K1
005—SPY 03/31/27 C654.00 Euro Cash Flex0.59%14$198K1
006—SPY 03/31/27 C700.00 Euro Cash Flex0.36%12$120K1
007—SPY 03/31/27 C734.00 Euro Cash Flex0.28%13$93K1
008—SPY 03/31/27 C774.01 Euro Cash Flex0.17%14$59K1
009—SPY 03/31/27 C651.00 Euro Cash Flex0.17%4$58K1
010—State Street Inst U.s. Government Mmkt Admn Class0.09%30,874$31K23
011—SPY 03/31/27 C731.00 Euro Cash Flex0.09%4$30K1
012—SPY 03/31/27 C710.00 Euro Cash Flex0.08%3$28K1
013—Broker Sweep0.05%17,943$18K14

Showing 1–13 of 13 holdings

APRZ Performance

Launched Mar 31, 2021

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.
APRZ$11,345
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. APRZ $11,345. SPY $12,044. Use the arrow keys to read each point.$9,438$10,846$12,253Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for APRZ. Periods over one year show the average yearly return.
PeriodAPRZ
Year to date+9.7%
1 month+1.5%
3 months+2.1%
1 year+13.4%
3 yearsper year+16.5%
5 yearsper year+11.2%
10 yearsFund is under 10 years oldper year—

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for APRZ
YearReturn barAPRZ
2026 YTD+9.7%
2025+12.9%
2024+18.5%
2023+22.2%
2022−11.4%
2021+13.3%

History from Apr 1, 2021

APRZ in the news

Filtered to APRZ · S&P 500 Buffer 9-12%

APRZ Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 12, 2026.
3.06%Last 12 months
Payout per share
$1.25Last 12 months
Last payment
$1.25 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2022–2026

One bar per payment. 4 payments from 2022 to 2026 YTD. Dec 29, 2022 $0.15; Dec 27, 2023 $0.86; Dec 27, 2024 $0.95; Dec 24, 2025 $1.25. Use the arrow keys to read each point.20222023202420252026YTD
Ex-datePay dateAmount per share
Dec 24, 2025Dec 26, 2025$1.25
Dec 27, 2024Dec 30, 2024$0.95
Dec 27, 2023Dec 29, 2023$0.86
Dec 29, 2022Jan 3, 2023$0.15

APRZ Risk

How much the fund’s monthly returns vary, scaled to a year.
9.7%
Annualised · 36 months to Sep 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.15
vs 3-month T-bills · to Sep 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−18.2%
Trough Oct 2022
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.78
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

APRZ Cost

Expense ratio0.79%
  • The middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

33 of the 77 S&P 500 Buffer 9-12% funds charge less.

APRZ costs $79.00 a year on $10,000. The median S&P 500 Buffer 9-12% fund costs $79.00.

Other funds in S&P 500 Buffer 9-12%

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