MAYZ vs XTR

MAYZDTrueShares Structured Outcome (May) ETF

XTRCGlobal X S&P 500 Tail Risk ETF

In short

MAYZ A May-reset buffer fund with a twist: it aims to cushion the first 8% to 12% of S&P 500 price-index losses over each 12-month period, and its terms set no ceiling on the upside.

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

MAYZ The fund seeks to track the S&P 500 Price Return Index before fees while buffering the first 8% to 12% of index losses over a 12-month period. It uses an options-based buffer-protect strategy.

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

• MAYZ The options-based buffer-protect design targets the first 8% to 12% of S&P 500 price-index losses over a 12-month stretch, with no stated upside cap in its buffer terms.
• The outcome period resets each May 1 and runs a full year, so the calendar is known in advance rather than improvised.
• Built as a 1940 Act ETF holding index options, not a bank-issued structured note, so the wrapper carries no single-issuer credit risk.
• At 0.79%, the fee sits level with the best-known dated buffer funds, including Innovator's May-series fund (PMAY).

• 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

• MAYZ The buffer is a range, not a fixed line, and it is measured across the whole outcome period. Entering mid-period changes both the remaining cushion and the return path.
• Cheaper paths to buffered S&P 500 exposure exist, including laddered rivals PSFF (0.10%) and BUFP (0.50%).
• A small fund that trades lightly, so bid-ask spreads can run wider than in the largest buffer ETFs.

• 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 MAYZ profile⁠

Full XTR profile⁠