At a glance
APRZ charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $32.7M in assets, the 8th largest of that group; it paid 3.1% of its price in distributions over the past 12 months, annual. Over the past year it returned +8.1% with distributions reinvested, the weakest of those 8 funds; over three years it returned +17.5% a year. At its worst it fell 18.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months after the low.
The short version
TrueShares Structured Outcome (April) ETF (APRZ) holds a Treasury bill and S&P 500 options, aiming to track the S&P 500 Price Return Index while cushioning the first 8% to 12% of index losses over each April-to-March period. Its 0.79% expense ratio is below the 0.86% average of seven similar buffer funds. Gains can trail the index, and at $32.7 million in net assets as of June 30, 2026, it is the group's smallest.
Price history
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APRZ +8.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| APRZ official prospectus, to Dec 31, 2025 | — | +12.76% | — | — | — | +11.02% |
| APRZ price data to Oct 27, 2026 | +8.7% | +8.1% | +17.5% | +10.3% | — | +11.0% |
- Over the year to Oct 27, 2026, APRZ returned +8.1%, 8th of 8 among similar funds.
- Its 5-year annualized return was +10.3%.
- Its worst full calendar year was 2022 (-11.4%); its best was 2023 (+22.2%).
- The deepest fall in its price history was 18.2% (Dec 27, 2021 to Oct 12, 2022), recovered by Jun 14, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.7% | — |
| 2025 | +13.0% | +12.76% |
| 2024 | +18.5% | +18.52% |
| 2023 | +22.2% | +22.28% |
| 2022 | -11.4% | -11.47% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 17.9% over that stretch · deepest drop along the way 18%, back to its old high 8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $1.2600 | +32.6% |
| 2024 | $0.9500 | +10.5% |
| 2023 | $0.8600 | +473.3% |
| 2022 | $0.1500 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 88.74% of assets.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 88.74% |
By country
United States 88.74%By issuer
US Treasury 88.74%The bonds mature in 0.7 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $15.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.30%, +4.30%, -1.04%.
How it works
TrueMark Investments actively manages APRZ. On a set day each April, the fund writes put options on the S&P 500 Price Return Index (which counts price changes but not dividends) or an ETF tracking it, with strike prices about 8% to 12% below the index, targeting a 10% buffer. Writing a put means collecting a fee, called a premium, in exchange for covering losses below that price. The premium pays for call options struck near the index's starting level, to capture gains.
All options expire when the 12-month period ends; the April 1, 2026 period ends March 31, 2027. Over a full period, before fees, the fund aims to absorb index declines up to the buffer and lose 8 to 12 percentage points less than the index in deeper drops. Its share of any gain depends on the puts' and calls' relative prices and could be substantially smaller than the index's. The buffer is not guaranteed, and results differ for anyone entering or exiting mid-period.
As of June 30, 2026, a Treasury bill maturing March 18, 2027 made up 88.7% of assets and options about 11.2%, led by FLEX calls on SPY, an S&P 500 ETF. FLEX options are exchange-traded contracts guaranteed by the Options Clearing Corporation; the fund's can be exercised only at expiration.
What it really costs
- APRZ charges 0.79% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $977 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| APRZ | $81 | $252 | $439 | $977 |
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It aims to cushion the first 8% to 12% of S&P 500 losses over each April-to-March period, giving up some upside in return.
APRZ could fill part of a stock allocation for someone wanting S&P 500 exposure with a cushion against moderate losses. It launched in March 2021, so it has no record in the 2008 or 2020 crashes. In the 2022 bear market it fell about 18% from late December 2021 to October 12, 2022, its deepest drop, and took 8 months to recover, by June 2023. Its worst calendar year was 2022, at -11.47%. Because the buffer covers only the full April-to-March period, withdrawals made mid-period in a bad year may get less protection.
It pays income once a year; the trailing 12-month yield was 3.1% as of October 27, 2026. It costs 0.79% a year, or $81 on $10,000 over one year under the SEC's standard example. Past results don't predict future ones, and a plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting S&P 500 exposure with a cushion against the first 8% to 12% of losses each April-to-March period, accepting gains that may trail.
- Cost-conscious buffer-fund investors: its 0.79% expense ratio ties for lowest among eight buffer funds compared, below the 0.86% peer average.
- People who can hold through each full April-to-March period, since the buffer is measured from the period's start, not their entry date.
Look elsewhere if
- Investors wanting full S&P 500 gains plus dividends: APRZ references a price-only index and may capture substantially less of any rise.
- Those wary of small funds: at $32.7 million in net assets as of June 30, 2026, APRZ is the smallest of eight buffer funds compared.
- Those needing protection from deep crashes: losses beyond the 8% to 12% buffer pass through, and it fell 18% peak to trough in 2022.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| APRZ this fund | 0.79% | $32.7M | +8.1% | +17.5% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
How does the APRZ buffer work?
APRZ aims to absorb the first 8% to 12% of S&P 500 price losses, targeting 10%, over each 12-month period starting in April. It writes put options roughly 8% to 12% below the index and spends the fee it collects on call options. If the index falls further than the buffer over a full period, the fund aims to lose 8 to 12 percentage points less, before fees. Gains may trail the index. Results differ for anyone entering or exiting mid-period, and the buffer is not guaranteed.
Does APRZ pay dividends?
Yes, once a year. APRZ paid $1.26 per share over the trailing 12 months, a yield of 3.1% as of October 27, 2026. It holds a Treasury bill and options rather than stocks, so it doesn't collect S&P 500 dividends, and the index it follows, the S&P 500 Price Return Index, leaves dividends out. Investors who rely on monthly or quarterly income would need to plan around the annual schedule.
How has APRZ performed since it launched?
APRZ returned 11.02% a year on average from its March 31, 2021 launch through December 31, 2025, according to its prospectus. Calendar-year returns were -11.47% in 2022, 22.28% in 2023, 18.52% in 2024 and 12.76% in 2025. Based on market prices, it gained 8.7% in 2026 through October 27 and 8.1% over the 12 months to that date, the lowest one-year return among the eight buffer funds compared.
What's the difference between APRZ and PJAN?
Both are U.S. stock buffer ETFs charging 0.79% a year, but they differ in issuer, timing and size. APRZ, from TrueMark Investments, starts its outcome period in April; Innovator's PJAN is the January series. As of October 27, 2026, APRZ returned 8.1% over one year and 17.5% a year over three years, versus 10.5% and 14.8% for PJAN. PJAN held about $1.44 billion in net assets as of July 31, 2026, against APRZ's $32.7 million as of June 30, 2026.
What is the APRZ expense ratio?
APRZ's expense ratio is 0.79%, per its prospectus filed April 30, 2026. That matches Innovator's PJAN and PDEC and is below FT Vest's buffer funds at 0.85% to 0.95%; the average for seven similar funds is 0.86%. Option-based funds like these generally cost more than plain S&P 500 index funds. Under the SEC's standard example, $10,000 earning 5% a year would incur about $81 in costs over one year, $439 over five years and $977 over ten.