JULZ vs ZALT

JULZDTrueshares Structured Outcome (July) ETF

ZALTAInnovator U.S. Equity 10 Buffer ETF - Quarterly

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.

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

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.

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

• 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.

• 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

• 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.

• 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 JULZ profile⁠

Full ZALT profile⁠