DECZ vs XTR

DECZCTrueShares Structured Outcome (December) ETF

XTRCGlobal X S&P 500 Tail Risk ETF

In short

DECZ Most buffer ETFs trade your upside for the cushion. DECZ skips the hard cap: it aims to absorb the first 8% to 12% of S&P 500 price-index losses each 12-month period, at 0.79% with no waiver.

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

DECZ The Fund seeks to track the S&P 500 Price Return Index before fees and expenses while cushioning the first 8% to 12% of index losses during each twelve-month period.

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

• DECZ No stated ceiling on gains. TrueShares built this series around leaving the rally side open, with upside set by options pricing rather than a fixed cap.true-shares.comtrue-shares.com 2
• The buffer is spelled out in the fund's own documents: the first 8% to 12% of index losses per 12-month period, with the manager targeting 10%.true-shares.com
• The payoff is built from exchange-listed FLEX options inside a 1940 Act fund, not a bank-issued note, so no third-party credit sits behind it.sec.gov

• 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

• DECZ Uncapped is not full participation. Option costs come out of the upside, and the reference is the S&P 500 price index, so index dividends sit outside the return.true-shares.com
• Fee is 0.79% with no waiver, near the category median. Cheaper buffer builds exist, including AUGP and PQX at 0.50%.
• Small and thinly traded, and the buffer is measured from each period's start, so a mid-period buy gets a different cushion than a day-one holder.sec.gov

• 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 DECZ profile⁠

Full XTR profile⁠