APRZ vs AUGP: Grades, Fees and Holdings Compared

TrueShares Structured Outcome (April) ETF

APRZDCboe

PGIM S&P 500 Buffer 12 ETF - August

AUGPBCboe

Overlap

0.0%by weight

Expense ratio

AUGP −0.29pt a year

APRZ0.79%AUGP0.50%

Avg volume · 30D

AUGP 7.8×the volume

APRZ960AUGP7.49K

APRZ vs AUGP Performance

Nov 5, 2025 – Nov 5, 2026

+4.8%APRZ+8.9%AUGP

Expense ratio: APRZ 0.79%; AUGP 0.50%, better
Fund size: APRZ $33M; AUGP $38M
1Y total return: APRZ +4.8%; AUGP +8.9%, better
Yield (12M): APRZ 3.21%; AUGP No data
Holdings: APRZ 13; AUGP 5
Avg volume (30D): APRZ 960 sh; AUGP 7.49K sh, better
NAV per share: APRZ $40.48; AUGP $34.19
52W range

ETF.net Grade

Pillar letters and Scores for APRZ, AUGP, with each pillar’s weight
Pillar	APRZ	AUGP
Cost30% weight	C40	A91Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	F17	B68Higher
Tradability15% weight	D27Higher	F24
Holdings10% weight	Not scored	Not scored
Durability5% weight	C42Higher	D32

Rank among S&P 500 Buffer 9-12% funds

How we build Categories ›

Same Category. APRZ and AUGP are both graded against the same 77 S&P 500 Buffer 9-12% funds, so their Grades compare head to head.

S&P 500 Buffer 9-12%⁠

Category · 77 funds

See all 77 ›

AUGP ranks 3rd and APRZ 76th of 77 funds in the S&P 500 Buffer 9-12% Category.

Rank 1AZALTInnovator U.S. Equity 10 Buffer ETF - QuarterlyScore 77
Rank 2BSIXJAllianzIM U.S. Equity 6 Month Buffer10 Jan/Jul ETFScore 66
Rank 3BAUGPPGIM S&P 500 Buffer 12 ETF - AugustScore 65
Rank 4BBUFMAB Moderate Buffer ETFScore 64
Rank 72DRSDEFT Vest U.S. Equity Equal Weight Buffer ETF - DecemberScore 34
Rank 76DAPRZTrueShares Structured Outcome (April) ETFScore 31
Rank 77DJUNZTrueShares Structured Outcome (June) ETFScore 30

Our read on each fund

ETF.net Research

APRZDTrueShares Structured Outcome (April) ETF

AUGPBPGIM S&P 500 Buffer 12 ETF - August

In short

APRZ Most 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.

AUGP No data

Stated mandate

APRZ 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.

AUGP No data

Why people hold it

APRZ No 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
The 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
A 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

AUGP No data

Worth knowing

APRZ The 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
The 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.
It trades lightly next to the category's biggest buffer funds, so spreads can be wider.

AUGP No data

Full APRZ profile⁠

Full AUGP profile⁠

APRZ vs AUGP Holdings

How APRZ and AUGP differ

Overlap by weight

0.0%

Level by level

Asset classStocks, Alternatives0.0%
Holdings0 in both0.0%
Sector11 Sectors96.7%
Countryby domicile99.5%

Sector

Sector weights in APRZ and AUGP, widest gap first
Sector	Gap	APRZ	AUGP
Communication	APRZ +1.6 points	10.0%	8.4%
Technology	AUGP +1.3 points	37.9%	39.2%
Health Care	AUGP +0.9 points	9.1%	10.0%
Industrials	APRZ +0.8 points	8.4%	7.6%
Energy	AUGP +0.8 points	3.0%	3.8%
Consumer Discretionary	APRZ +0.5 points	9.6%	9.1%
Financials	AUGP +0.2 points	11.7%	11.9%
Utilities	APRZ +0.3 points	2.3%	2.0%
Real Estate	APRZ +0.1 points	1.9%	1.8%
Materials	APRZ +0.1 points	1.7%	1.6%
Consumer Staples	AUGP +0.1 points	4.6%	4.7%

Country, concentration and asset class

Country by domicile

Country weights in APRZ and AUGP, widest gap first
Country	Gap	APRZ	AUGP
United States	APRZ +0.5 points	100.0%	99.5%
Switzerland	AUGP +0.3 points	0.0%	0.3%
China	AUGP +0.1 points	0.0%	0.1%
Mexico	AUGP +0.1 points	0.0%	0.1%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

APRZ100.3%
AUGP103.1%

Securities held

APRZ3
AUGP3

Asset class

APRZ: Stocks
AUGP: Alternatives

Holdings

Only in APRZ3
In both0
Only in AUGP3

Only in APRZ

3 securities, 88.2% of APRZ by weight

Treasury Bill B 03/18/2786.86%
State Street Inst U.s. Government Mmkt Admn Class1.26%
Broker Sweep0.05%

Only in AUGP

3 securities, 100% of AUGP by weight

4SPY Us 07/30/27 C7.4798.59%
4SPY Us 07/30/27 P747.033.68%
Net Current Assets<0.01%

Weight gaps

APRZ and AUGP share no securities.

All 14 APRZ holdings⁠All AUGP holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

APRZ vs AUGP Cost

Overpaying APRZ vs AUGP

$5,195

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

APRZ 0.79%
$15,174
AUGP 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

APRZ 0.79%
AUGP 0.50%
Overpaying

Year by year

Year	APRZ	AUGP	Overpaying
10	$1,405	$900	$505
20	$5,331	$3,460	$1,871
30	$15,174	$9,979	$5,195

Expense ratio

0.79%APRZ
0.50%AUGP, cheaper

AUGP0.50%APRZ0.79%

0.25%0.85%

Middle half of S&P 500 Buffer 9-12% funds
Median 0.79%

AUGP 5th cheapest of 77 funds

APRZ 34th cheapest of 77 funds

APRZ vs AUGP Dividends

Last 12 months to Nov 5, 2026

Yield (12M): APRZ 3.21%; AUGP No data
Payout (12M): APRZ $1.25; AUGP None
Last payment: APRZ $1.25; AUGP No data
Ex-dividend: APRZ Dec 24, 2025; AUGP No data
Paid on: APRZ Dec 26, 2025; AUGP No data
Frequency: APRZ Annual; AUGP No data

Distribution history

Per share, 2022 to 2026, same scale for both

APRZAnnual · 4 paymentsAll APRZ payments⁠

AUGPAll AUGP payments⁠

No distribution history available.

APRZ vs AUGP Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: APRZ 9.7%AUGP 6.2%since Jun 2024
Return per unit of riskSharpe ratio, 3 years: APRZ 1.16AUGP 1.31since Jun 2024
Worst fallMax drawdown, 5 years: APRZ −18.2%AUGP −11.1%since May 2024
Market sensitivityBeta, 5 years: APRZ 0.75AUGP 0.54; Market = 1

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