MARZ vs ZALT

MARZDTrueShares Structured Outcome (March) ETF

ZALTAInnovator U.S. Equity 10 Buffer ETF - Quarterly

In short

MARZ A March-dated buffer fund with an unusual twist: TrueShares defines the downside (the first 8% to 12% of S&P 500 price-index losses each 12-month period, dividends excluded) without naming an upside cap in its objective.

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

MARZ The fund seeks returns tracking the S&P 500 Price Return Index while buffering the first 8%–12% of index losses during each 12-month March-to-March investment 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

• MARZ No stated upside cap in its mandate. The floor is spelled out, the ceiling isn't, which is rare in a category built on trading away the top end.
• Part of a monthly ladder. Sister funds run the same strategy off other start months (FEBZ, JULZ, AUGZ, SEPZ), so the entry calendar isn't only March.
• Live since 2021, so its March-to-March reset has been through multiple full cycles rather than existing only on paper.

• 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

• MARZ The buffer is a range, not a fixed number. Where it lands between 8% and 12% is set at the start of each March period, not known in advance.
• At 0.79% the fee sits right at the median for its buffer peer group, and cheaper structures exist there (ZALT at 0.69%, BUFB at 0.10%).
• One of the smaller, lightly traded funds in its category, which typically shows up as wider bid-ask spreads at the moment you transact.

• 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 MARZ profile⁠

Full ZALT profile⁠