MAYZ vs ZALT

MAYZDTrueShares Structured Outcome (May) ETF

ZALTAInnovator U.S. Equity 10 Buffer ETF - Quarterly

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.

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

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.

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

• 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).

• 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

• 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.

• 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 MAYZ profile⁠

Full ZALT profile⁠