APRZ vs BUFM: Grades, Fees and Holdings Compared

TrueShares Structured Outcome (April) ETF

APRZDCboe

AB Moderate Buffer ETF

BUFMBNasdaq

Overlap

0.0%by weight

Expense ratio

BUFM −0.10pt a year

APRZ0.79%BUFM0.69%

Avg volume · 30D

BUFM 30.0×the volume

APRZ960BUFM28.8K

APRZ vs BUFM Performance

Nov 5, 2025 – Nov 5, 2026

+4.8%APRZ+3.6%BUFM

Expense ratio: APRZ 0.79%; BUFM 0.69%, better
Fund size: APRZ $33M; BUFM $493M
1Y total return: APRZ +4.8%, better; BUFM +3.6%
Yield (12M): APRZ 3.21%; BUFM No data
Holdings: APRZ 13; BUFM 5
Avg volume (30D): APRZ 960 sh; BUFM 28.8K sh, better
NAV per share: APRZ $40.48; BUFM $41.00
52W range

ETF.net Grade

Pillar letters and Scores for APRZ, BUFM, with each pillar’s weight
Pillar	APRZ	BUFM
Cost30% weight	C40	A82Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	F17	C48Higher
Tradability15% weight	D27	C53Higher
Holdings10% weight	Not scored	Not scored
Durability5% weight	C42	C50Higher

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

How we build Categories ›

Same Category. APRZ and BUFM 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 ›

BUFM ranks 4th 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 4BTENDiShares Large Cap 10% Target Buffer Dec 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

BUFMBAB Moderate Buffer ETF

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.

BUFM 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.

BUFM 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

BUFM 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.

BUFM No data

Full APRZ profile⁠

Full BUFM profile⁠

APRZ vs BUFM Holdings

How APRZ and BUFM differ

Overlap by weight

0.0%

Level by level

Asset classStocks, Alternatives0.0%
Holdings0 in both0.0%
Sector11 Sectors97.1%
Countryby domicile99.5%

Sector

Sector weights in APRZ and BUFM, widest gap first
Sector	Gap	APRZ	BUFM
Technology	BUFM +2.2 points	37.9%	40.1%
Consumer Discretionary	APRZ +0.9 points	9.6%	8.7%
Industrials	APRZ +0.8 points	8.4%	7.6%
Energy	BUFM +0.4 points	3.0%	3.4%
Financials	APRZ +0.4 points	11.7%	11.3%
Utilities	APRZ +0.4 points	2.3%	1.9%
Health Care	BUFM +0.3 points	9.1%	9.4%
Consumer Staples	APRZ +0.2 points	4.6%	4.4%
Real Estate	APRZ +0.2 points	1.9%	1.7%
Materials	APRZ +0.1 points	1.7%	1.6%
Communication	APRZ +0.1 points	10.0%	9.9%

Country, concentration and asset class

Country by domicile

Country weights in APRZ and BUFM, widest gap first
Country	Gap	APRZ	BUFM
United States	APRZ +0.5 points	100.0%	99.5%
Switzerland	BUFM +0.3 points	0.0%	0.3%
China	BUFM +0.1 points	0.0%	0.1%
Mexico	BUFM +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%
BUFM101.0%

Securities held

APRZ3
BUFM3

Asset class

APRZ: Stocks
BUFM: Alternatives

Holdings

Only in APRZ3
In both0
Only in BUFM3

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 BUFM

3 securities, 100% of BUFM by weight

4SPY 12/31/26 C3.81 4SPY 12/31/26 C3.8199.14%
4SPY 12/31/26 P750.28 4SPY 12/31/26 P750.281.28%
Alliancebernstein Govt Stif Ssc Fund 64BA Agis 5870.55%

Weight gaps

APRZ and BUFM share no securities.

All 14 APRZ holdings⁠All BUFM 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 BUFM Cost

Overpaying APRZ vs BUFM

$1,745

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

APRZ 0.79%
$15,174
BUFM 0.69%
$13,429

Amount$10,000

Years30 years

Cost over time

APRZ 0.79%
BUFM 0.69%
Overpaying

Year by year

Year	APRZ	BUFM	Overpaying
10	$1,405	$1,232	$173
20	$5,331	$4,697	$634
30	$15,174	$13,429	$1,745

Expense ratio

0.79%APRZ
0.69%BUFM, cheaper

BUFM0.69%APRZ0.79%

0.25%0.85%

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

BUFM 14th cheapest of 77 funds

APRZ 34th cheapest of 77 funds

APRZ vs BUFM Dividends

Last 12 months to Nov 5, 2026

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

Distribution history

Per share, 2022 to 2026, same scale for both

APRZAnnual · 4 paymentsAll APRZ payments⁠

BUFMAll BUFM payments⁠

No distribution history available.

APRZ vs BUFM 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%BUFM 5.4%since Jan 2025
Return per unit of riskSharpe ratio, 3 years: APRZ 1.16BUFM 0.92since Jan 2025
Worst fallMax drawdown, 5 years: APRZ −18.2%BUFM −9.4%since Dec 2024
Market sensitivityBeta, 5 years: APRZ 0.75BUFM 0.40; Market = 1

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