JULZ vs XTR

JULZDTrueshares Structured Outcome (July) ETF

XTRCGlobal X S&P 500 Tail Risk ETF

In short

JULZ The buffer ETF that skips the ceiling. JULZ buffers the first 8% to 12% of a 12-month drop in the S&P 500 price index with no cap on the upside, the format TrueShares pioneered in 2020.

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

JULZ The Fund seeks to track the S&P 500 Price Return Index before fees and expenses while seeking to buffer the first 8%–12% of index losses over each 12-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

• JULZ Most buffer funds pay for downside cushion with an upside cap. This one doesn't: the buffer targets the first 8% to 12% of index losses each 12-month period, no ceiling attached.true-shares.com
• Running since 2020, from the shop that launched the uncapped buffer format. Sibling funds cover other start months (AUGZ, SEPZ, MARZ), so entry dates can be staggered across the year.true-shares.com
• Fee of 0.79% sits right at the going rate for shallow-buffer S&P 500 funds, and the outcome period resets on a fixed annual calendar each July 1.

• 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

• JULZ Uncapped is not the same as full upside. Participation in index gains can land under 100%, and the reference is the S&P 500 price index, so dividends sit outside the math.true-shares.com
• The buffer is a targeted range (8% to 12%, aimed at 10%) measured over the full 12-month period, not a guarantee. Buy mid-period and your own cushion and exposure differ.true-shares.com
• Small fund, thin trading, so spreads can run wider than the biggest buffer names. Laddered buffer peers such as BUFB charge materially less.

• 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 JULZ profile⁠

Full XTR profile⁠