FEBZ vs ZALT

FEBZDTrueShares Structured Outcome (February) ETF

ZALTAInnovator U.S. Equity 10 Buffer ETF - Quarterly

In short

FEBZ Most buffer ETFs sell you downside protection and quietly take your upside in return. FEBZ skips the cap: it aims to absorb the first 8% to 12% of S&P 500 price losses over a 12-month stretch with no ceiling bolted onto the 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

FEBZ FEBZ seeks pre-fee, pre-expense returns tracking the S&P 500 Price Return Index while protecting against the first 8%-12% of index losses over a 12-month 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

• FEBZ No upside cap. Where most buffered funds hard-stop your gains at a set number, this one keeps participating as the index climbs.true-shares.comtrue-shares.com 2
• Actively managed options on the S&P 500 Price Index, aiming to buffer the first 8% to 12% of index losses over a 12-month period that resets each February.true-shares.com
• Running since 2021, part of the original uncapped buffered series rather than a me-too launch chasing the outcome-ETF boom.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

• FEBZ Uncapped is not full upside. The issuer states the participation rate is expected to land below 100% of the market move, and it is reset with each period.true-shares.com
• The buffer is a range (8% to 12%), set at each reset and measured from the period's starting level, so buying mid-period can mean less cushion than the label suggests.true-shares.com
• Fee sits at the category median, and this is a small, lightly traded fund. Laddered rival BUFB runs 0.10%, so the uncapped design is what you are paying up for.

• 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 FEBZ profile⁠

Full ZALT profile⁠