Skip to content
etf.net

APRZ

GradeDChicago Board Options Exchange

TrueShares Structured Outcome (April) ETF

Buffered · TrueShares · Inception 2021-03-31

$40.63−0.27 (−0.65%)

As of Sep 23, 2026, 3:10 PM EDT

Intraday session: down, 57 prints from 40.90 to 40.63. Range 40.57 to 40.84. Use the arrow keys to read each point.$40.70$40.8010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$34M
1Y return
+11.2%
Yield · Last 12 months
3.07%
Holdings
14
Volume · 30D
0M sh
NAV per share
$40.90
52W range
low $34.75high $41.29

The ETF.net APRZ Grade

D

31/ 100

Rank 71 of 77 in S&P 500 Buffer 9-12%⁠

Confidence Medium

Six-pillar profile for APRZ. Scores out of 100: Cost 40, Risk 19, Mission not scored, Tradability 25, Holdings not scored, Durability 42. Strongest: Durability (42). Weakest: Risk (19). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 31 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 40
    Category rank34/77 · top 44%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    FScore 19
    Category rank73/73 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 25
    Category rank64/77 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 42
    Category rank55/77 · mid-pack

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

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 Sep 20, 2026, 6:45 AM
Asset class
Stocks
Holdings
14
Top-10 weight
101%
Largest holding
TREASURY BILL B 03/18/2787.8%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—TREASURY BILL B 03/18/2787.81%29,671,800$29M31
002—SPY 03/31/27 C650.34 Euro Cash Flex7.51%188$2M1
003—SPY 03/31/27 C717.00 Euro Cash Flex1.86%82$616K1
004—SPY 03/31/27 C719.00 Euro Cash Flex1.82%82$603K1
005—SPY 03/31/27 C654.00 Euro Cash Flex0.55%14$181K1
006—SPY 03/31/27 C700.00 Euro Cash Flex0.32%12$107K1
007—SPY 03/31/27 C734.00 Euro Cash Flex0.24%13$80K1
008—SPY 03/31/27 C651.00 Euro Cash Flex0.16%4$53K1
009—SPY 03/31/27 C774.01 Euro Cash Flex0.15%14$48K1
010—STATE STREET INST U.S. GOVERNMENT MMKT ADMN CLASS0.09%30,756$31K23
011—SPY 03/31/27 C731.00 Euro Cash Flex0.08%4$26K1
012—SPY 03/31/27 C710.00 Euro Cash Flex0.07%3$24K1
013—BROKER SWEEP0.05%17,891$18K14

Showing 1–13 of 13 holdings

APRZ Performance

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

APRZ$11,116
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. APRZ $11,116. SPY $11,723. Use the arrow keys to read each point.$9,260$10,604$11,947Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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+9.3%
1 month+0.8%
3 months+2.7%
1 year+11.2%
3 years+16.6%per year
5 years+11.0%per year
10 yearsFund is under 10 years old—per 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+9.3%
2025+12.9%
2024+18.5%
2023+22.2%
2022−11.4%
2021+13.3%

History from Apr 1, 2021

APRZ in the news

ETF.net Research hasn’t filed on APRZ yet — coverage lands here as it’s written.

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 Sep 22, 2026.
3.07%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.
10.1%
Annualised · 36 months to Aug 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.
0.99
vs 3-month T-bills · to Aug 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.
0.77
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.