APRZ vs ZALT

APRZDTrueShares Structured Outcome (April) ETF

ZALTAInnovator U.S. Equity 10 Buffer ETF - Quarterly

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.

ZALT The defined-outcome trade on a three-month clock: ZALT follows SPY up to a cap and buffers the first 10% of a decline, then resets both every quarter. Four fresh caps a year, at a fee under the shallow-buffer median.

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.

ZALT The fund seeks to follow SPY's return up to a predetermined cap while providing a 10% downside buffer over each three-month outcome period. It may be held indefinitely, with the defined outcomes resetting at the end of each period.

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

• ZALT Resets on a quarterly clock: a new cap is set the first day of each calendar quarter and the 10% buffer starts over. Can be held indefinitely, no rolling into a new ticker.sec.govcboe.com
• At 0.69% it undercuts the going rate for 10% buffer funds on the S&P 500, where peers like SIXZ, JULT and BJUN charge 0.74% to 0.79%.
• The cushion is built from FLEX options on SPY itself, so the thing you are hedged against is the same fund most investors already watch.sec.gov
• Sits among the stronger implementations in its shallow-buffer peer group on cost and ease of trading.

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.

• ZALT Three months of upside buys a lower ceiling. Each quarter's cap is priced off three-month options, so it lands well below what a 12-month buffer fund can offer.sec.gov
• Buy mid-quarter and you inherit whatever cap and buffer are left, not the full 10%. The prospectus says so plainly.sec.gov
• The fee comes out of the cushion: with the 0.69% fee counted, the prospectus puts the net buffer at 9.82% per period. No distributions so far, so return shows up in price.sec.gov

Full APRZ profile⁠

Full ZALT profile⁠