JUNZ vs ZALT

JUNZDTrueShares Structured Outcome (June) ETF

ZALTAInnovator U.S. Equity 10 Buffer ETF - Quarterly

In short

JUNZ The June entry in TrueShares' monthly buffer lineup, built on an unusual twist: it aims to absorb the first 8% to 12% of S&P 500 price losses over a twelve-month stretch without writing an upside ceiling into its outcome terms.

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

JUNZ The Fund seeks pre-expense returns tracking the S&P 500 Price Return Index while buffering the first 8%–12% of index losses over a twelve-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

• JUNZ Most buffer funds sell away your upside to pay for the cushion. This one's stated terms set a downside buffer with no cap figure attached, a rare structure in the S&P 500 buffer aisle.
• The 0.79% expense ratio sits right at the median for S&P 500 buffer funds, and matches what the big-name monthly buffer series charge (PMAY, for one).
• Running since 2021 as a 1940 Act ETF, with a fresh twelve-month outcome period starting each June. The reset date is fixed and knowable, not a moving target.

• 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

• JUNZ The buffer is a range (8% to 12%), not a fixed promise, and it is measured over the full twelve-month period. Buy mid-period and your own cushion and starting point differ from the headline.
• The reference is the S&P 500 Price Return Index, so index dividends sit outside what the fund targets.
• A small fund that trades thinly, so spreads can widen. Limit orders are the tool here. Same-index buffer exposure also exists cheaper, such as BUFP at 0.50%.

• 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 JUNZ profile⁠

Full ZALT profile⁠