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Beacon

APRZTrueShares Structured Outcome (April) ETF

Stay safeGrow my money5y track recordRanked #259 of 340 in this goal

Seeks to track returns of the S&P 500 Price Index while providing a buffer against the first 8% to 12% of losses over a twelve-month period.

By TrueShares · Launched 2021

Annual Cost

0.79%

#4,047 of 5,562 · expensive

Fund Size

$34M

#3,917 of 5,562 · small

Dividend YieldGoal

3.11%

Track Record

5 years

#2,345 of 5,562 · seasoned

Performance

Total-return NAV · USD
Growth of $10,000
$11,846+18.5%

Total-return NAV, USD. Net of fund fees, before tax.

Classification

How Beacon categorizes this fund

Asset class

Alternative

Region

North america

Strategy

Structured outcome

Index tracked

S&P 500 Price Index

What it actually holds

By weight

Concentration

Top 4 holdings = 99.3% of fundconcentrated

Treasury Bill
82.5%
The Options Clearing Corp
16.9%
STATE STREET INSTITUTIONAL US
0.1%
The Options Clearing Corp
-0.2%

Asset allocation

Bonds
87.8%
Cash
12.2%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
10.6%Moderate

Year-on-year price swings

Max drawdown
-18.2%Moderate

Worst peak-to-trough loss

Sharpe (3Y)
0.97Decent risk-adjusted returns
Sortino (3Y)
1.42Good downside protection

Where to buy

Listing

Exchange
Cboe BZX

Full fund details

Objective
Seeks to track returns of the S&P 500 Price Index while providing a buffer against the first 8% to 12% of losses over a twelve-month period.
Strategy
Invests primarily in options on the S&P 500 Price Index, employing a buffer protect options strategy to mitigate the first 8% to 12% decline. The Fund sells put options to create a buffer and uses the proceeds to purchase call options, aiming for exposure to the S&P 500 Price Index's performance.
Inception date
March 31, 2021
Fund family
TrueShares

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Buffer
Warning

Buffer ETF — downside protection at a cost

Defined-outcome funds cap upside (typically 8–20%) in exchange for partial downside protection (9–30%), priced via options. Fees are materially higher than the underlying index (often 0.70%+ vs 0.03–0.10%). For most pre-retirees, a simple stock/bond mix achieves similar downside behaviour at a fraction of the cost.

Source: Morningstar, 'Defined-Outcome ETFs: Useful or Uneconomic?' (2023)

Why we flagged this: strategy=structured_outcome + structured_outcome_strategy

Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More

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Data updated on 2026-06-19