APRT vs XTR

APRTBAllianzIM U.S. Equity Buffer10 Apr ETF

XTRCGlobal X S&P 500 Tail Risk ETF

In short

APRT A 10% cushion on the S&P 500's price return, reset every April 1. APRT uses FLEX options to absorb the first slice of a decline across its 12-month period, and charges less than the typical buffer fund to do it.

XTR Most downside-protection ETFs sell away your upside to pay for it. XTR pays cash instead: it owns the S&P 500 stocks and buys 10% out-of-the-money puts every quarter, leaving the upside uncapped.

Stated mandate

APRT The Fund seeks to provide shareholders holding for the full Outcome Period with protection against the first 10% of losses in the S&P 500 Price Index. It pursues this strategy primarily through FLEX Options referencing that index.

XTR The Fund seeks to track the performance of the Cboe S&P 500 Tail Risk Index before fees and expenses.

Why people hold it

• APRT The contract is plain: FLEX options on the S&P 500 Price Index, structured to absorb the first 10% of losses over the April 1 to March 31 outcome period.
• A 0.74% fee undercuts the median in its shallow-buffer peer group, unusual in a corner of the market where the options plumbing normally costs more.
• Running since 2020, so it has cycled through multiple complete buffer periods, including live equity drawdowns, rather than arriving as an untested launch.
• Sits in the top quartile of its shallow-buffer cohort, one of the stronger builds among 9% to 12% S&P 500 buffer funds.

• XTR No cap on the gains. The hedge is bought with cash rather than funded by selling calls, so index rallies come through less the put premium and fees.sec.gov
• Costs 0.25%, well under half of what the defined-outcome funds it competes with typically charge for downside protection.
• Owns the roughly 500 S&P 500 stocks themselves, with the put position layered on top, rather than wrapping the index in a stack of options.sec.gov
• Rules-based and mechanical: puts are bought at 10% below the prevailing index level each quarter and held to expiration, with no manager guessing at timing.sec.gov

Worth knowing

• APRT The reference is the S&P 500 Price Index, so dividends sit outside the math entirely. Both the buffer and the cap track price moves only.
• The stated terms apply to holders across the full April-to-March period. Buy mid-period and your actual cushion and remaining upside differ from the headline.
• A small fund that trades thinly, so spreads can run wider than the largest buffer names. It has also made no distributions over the past year.

• XTR Protection starts about 10% down and resets quarterly, so garden-variety dips are absorbed in full and the gap widens if the market rallies mid-quarter.sec.gov
• Insurance is not free. The quarterly premium is a steady cost against plain index exposure, and in calm markets the puts expire worthless.sec.gov
• A small fund that trades thinly, so limit orders matter and subscale products carry more risk of being closed than the category's giants.

Full APRT profile⁠

Full XTR profile⁠