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Launched

Innovator U.S. Equity 10 Buffer ETF - Quarterly

ZALTCboeInnovatorA

$34.44−0.07 (−0.20%)

At close: Nov 2, 2026, 4:00 PM ET

A77/ 100

Rank 1 of 77 in S&P 500 Buffer 9-12%

A77/100Rank 1 of 77inS&P 500 Buffer 9-12%
Intraday session: down, 79 prints from 34.51 to 34.44. Range 34.44 to 34.67. Use the arrow keys to read each point.34.5534.6034.6510 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$840M
1Y total return
+6.9%
Yield · Last 12 months
No data
Holdings
503
Avg volume · 30D
138K sh
52W range
low $31.75high $34.85
Launched

The ETF.net ZALT Grade

A

Score 77 out of 100

Category
S&P 500 Buffer 9-12%⁠
Rank
1 of 77
Six-pillar profile for ZALT. Scores out of 100: Cost 82, Risk 79, Mission 80, Tradability 65, Holdings 90, Durability 61. Strongest: Holdings (90). Weakest: Durability (61). Leans toward Holdings.

Score 77 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    A82 out of 100
    Rank 14 of 77

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A80 out of 100
    Rank 9 of 9

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A79 out of 100
    Rank 1 of 77

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B65 out of 100
    Rank 24 of 77

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A90 out of 100
    Rank 3 of 45

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B61 out of 100
    Rank 26 of 77

Our read on ZALT

ETF.net Research

In short

AThe 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

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

  • 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

  • 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

ZALT Holdings

Holdings pillarA90 out of 100Rank 3 of 45 in S&P 500 Buffer 9-12%
Asset class
Stocks
Holdings
503
Top-10 weight
38%
Largest holding
AAPL7.6%

Sectors

  • Technology38.7%
  • Financials11.9%
  • Health Care9.9%
  • Communication9.1%
  • Consumer Discretionary9.0%
  • Industrials7.4%
  • Consumer Staples4.8%
  • Energy3.8%
  • Utilities2.0%
  • Real Estate1.8%
  • Materials1.5%

Geography

  • United States99.53%
  • Switzerland0.26%
  • China0.10%
  • Mexico0.05%
  • Ireland0.03%
  • United Kingdom0.03%
The fund’s holdings, weight-ordered — page 1 of 34.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1AAPLApple Inc7.59%184,945$63.7M723
2NVDANVIDIA Corp7.47%306,675$62.8M847
3MSFTMicrosoft Corp5.85%94,100$49.1M821
4AMZNAmazon.com Inc3.56%124,387$29.9M736
5No dataSpy 12/31/2026 762.61 P2.67%11,024$22.4M1
6GOOGLAlphabet Inc2.48%74,362$20.8M703
7AVGOBroadcom Inc2.34%60,290$19.7M749
8METAMeta Platforms Inc2.05%27,944$17.2M708
9GOOGAlphabet Inc1.99%60,235$16.8M478
10LLYEli Lilly & Co1.71%10,139$14.4M594
11TSLATesla Inc1.70%35,714$14.3M527
12BRK.BBerkshire Hathaway Inc1.52%23,601$12.8M375
13MUMicron Technology Inc1.51%14,312$12.7M684
14JPMJPMorgan Chase & Co.1.42%35,350$11.9M485
15AMDAdvanced Micro Devices Inc1.24%20,687$10.4M638

Showing 1–15 of 503 holdings

ZALT Performance

Launched Oct 2, 2023

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.
ZALT$10,689
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,146
Oct 31, 2025 to Nov 2, 2026. ZALT $10,689. SPY $11,146. Use the arrow keys to read each point.$10,000$11,000Oct 2025May 2026Nov 2026

Oct 31, 2025 – Nov 2, 2026

Returns run to the Nov 2, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for ZALT. Periods over one year show the average yearly return.
PeriodZALT
Year to date+5.7%
1 month−0.6%
3 months+1.1%
1 year+6.9%
3 yearsper year+10.0%
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for ZALT
YearReturn barZALT
2026 YTD+5.7%
2025+9.4%
2024+11.9%
2023+3.9%

Since listing, Oct 2, 2023

ZALT in the news

Filtered to ZALT · S&P 500 Buffer 9-12%

ZALT Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

ZALT Risk

Risk pillarA79 out of 100Rank 1 of 77 in S&P 500 Buffer 9-12%
How much the fund’s monthly returns vary, scaled to a year.
3.8%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.50
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−8.2%
37 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.29
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

ZALT Cost

Compare ZALT and XTR

Overpaying vs XTR, cheapest in S&P 500 Buffer 9-12%

$8,270

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • ZALT 0.69%

    $13,429

  • XTR 0.25% Cheapest

    $5,159

$10,000
30 years

Cost over time

  • ZALT 0.69%
  • XTR 0.25%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530ZALT $13,429XTR $5,159

Year by year

YearZALTXTROverpaying
10$1,232$455$777
20$4,697$1,769$2,928
30$13,429$5,159$8,270

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