Skip to content
etf.net

APRP vs ZALT

PGIM S&P 500 Buffer 12 ETF - April

APRPBCboe

Innovator U.S. Equity 10 Buffer ETF - Quarterly

ZALTACboe

Overlap

0.0%by weight

Expense ratio

APRP −0.19pt a year

APRP0.50%ZALT0.69%

Avg volume · 30D

ZALT 25.8×the volume

APRP5.35KZALT138K

APRP vs ZALT Performance

Oct 31, 2025 – Oct 30, 2026

+14.3%APRP+7.1%ZALT

Oct 31, 2025 to Oct 30, 2026. APRP +14.3%. ZALT +7.1%. Use the arrow keys to read each point.0%2.5%5%10%12.5%Oct 2025Apr 2026Oct 2026
Expense ratio
APRP 0.50%, better
ZALT 0.69%
Fund size
APRP $38M
ZALT $840M
1Y total return
APRP +14.3%, better
ZALT +7.1%
Holdings
APRP 4
ZALT 503
Avg volume (30D)
APRP 5.35K sh
ZALT 138K sh, better
NAV per share
APRP $33.64
ZALT $34.50
52W range

ETF.net Grade

APRP: Cost 91, Risk 45, Mission not scored, Tradability 25, Holdings not scored, Durability 39. ZALT: Cost 82, Risk 79, Mission 80, Tradability 65, Holdings 90, Durability 61.
Pillar letters and Scores for APRP, ZALT, with each pillar’s weight
PillarAPRPZALT
Cost30% weightA91HigherA82
Mission25% weightNot scoredA80
Risk15% weightC45A79Higher
Tradability15% weightD25B65Higher
Holdings10% weightNot scoredA90
Durability5% weightD39B61Higher

Rank among S&P 500 Buffer 9-12% funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. APRP and ZALT are both graded against the same 77 S&P 500 Buffer 9-12% funds, so their Grades compare head to head.

S&P 500 Buffer 9-12%⁠

Category · 77 funds
See all 77 ›

ZALT ranks 1st and APRP 12th of 77 funds in the S&P 500 Buffer 9-12% Category.

  1. Rank 1AZALTInnovator U.S. Equity 10 Buffer ETF - QuarterlyScore 77
  2. Rank 2BAUGPPGIM S&P 500 Buffer 12 ETF - AugustScore 67
  3. Rank 10BSIXDAllianzIM U.S. Equity 6 Month Buffer10 Jun/Dec ETFScore 62
  4. Rank 12BAPRPPGIM S&P 500 Buffer 12 ETF - AprilScore 61
  5. Rank 12BJANTAllianzIM U.S. Equity Buffer10 Jan ETFScore 61

Our read on each fund

ETF.net Research

APRPBPGIM S&P 500 Buffer 12 ETF - April

ZALTAInnovator U.S. Equity 10 Buffer ETF - Quarterly

In short

APRP No data

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

APRP No data

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

APRP No data

  • 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

APRP No data

  • 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 APRP profile⁠

Full ZALT profile⁠

APRP vs ZALT Holdings

How APRP and ZALT differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of APRP and 0.0% of ZALT.

Level by level

  • Asset classAlternatives, Equity0.0%
  • Holdings0 in both0.0%
  • Countryby domicile100%

Sector

No Sector split for APRP.

Country, concentration and asset class

Country by domicile

Country weights in APRP and ZALT, widest gap first
CountryMore in APRPMore in ZALT
United StatesSame weight
SwitzerlandSame weight
ChinaSame weight
MexicoSame weight
IrelandSame weight
United KingdomSame weight

Concentration

Weight in the 10 largest Holdings

  • APRP106.6%
  • ZALT37.7%

Securities held

  • APRP3
  • ZALT503

Asset class

APRP
Alternatives
ZALT
Equity

Holdings

  • Only in APRP3
  • In both0
  • Only in ZALT503

Only in APRP

3 securities, 100% of APRP by weight

  • 4SPY Us 03/31/27 C6.5105.00%
  • 4SPY Us 03/31/27 P650.340.95%
  • Net Current Assets<0.01%

Only in ZALT

503 securities, 100% of ZALT by weight

  • Apple Inc7.59%
  • NVIDIA Corp7.47%
  • Microsoft Corp5.85%

Weight gaps

APRP and ZALT share no securities.

All APRP holdings⁠All ZALT holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

APRP vs ZALT Cost

Overpaying ZALT vs APRP

$3,450

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

  • APRP 0.50%

    $9,979

  • ZALT 0.69%

    $13,429

$10,000
30 years

Cost over time

  • APRP 0.50%
  • ZALT 0.69%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530ZALT $13,429APRP $9,979

Year by year

YearAPRPZALTOverpaying
10$900$1,232$332
20$3,460$4,697$1,237
30$9,979$13,429$3,450

Expense ratio

  • 0.50%APRP, cheaper
  • 0.69%ZALT
  • Middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

APRP 5th cheapest of 77 funds

ZALT 14th cheapest of 77 funds

APRP vs ZALT Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
APRP None
ZALT None

Distribution history

APRPAll APRP payments⁠

No distribution history available.

ZALTAll ZALT payments⁠

No distribution history available.

APRP vs ZALT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
APRP 6.2%since May 2024ZALT 3.8%
Return per unit of riskSharpe ratio, 3 years
APRP 1.35since May 2024ZALT 1.50
Worst fallMax drawdown, 5 years
APRP −13.6%since Apr 2024ZALT −8.2%since Oct 2023
Market sensitivityBeta, 5 years
APRP 0.47ZALT 0.29

Popular comparisons

  • APRPBvsAUGPB

    PGIM S&P 500 Buffer 12 ETF - April · PGIM S&P 500 Buffer 12 ETF - August

    Expense ratio
    0.50% · 0.50%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • ZALTAvsAUGPB

    Innovator U.S. Equity 10 Buffer ETF - Quarterly · PGIM S&P 500 Buffer 12 ETF - August

    Expense ratio
    0.69% · 0.50%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • APRPBvsTENJB

    PGIM S&P 500 Buffer 12 ETF - April · iShares Large Cap 10% Target Buffer Jun ETF

    Expense ratio
    0.50% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • ZALTAvsTENJB

    Innovator U.S. Equity 10 Buffer ETF - Quarterly · iShares Large Cap 10% Target Buffer Jun ETF

    Expense ratio
    0.69% · 0.53%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • APRPBvsSIXJB

    PGIM S&P 500 Buffer 12 ETF - April · AllianzIM U.S. Equity 6 Month Buffer10 Jan/Jul ETF

    Expense ratio
    0.50% · 0.74%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • ZALTAvsSIXJB

    Innovator U.S. Equity 10 Buffer ETF - Quarterly · AllianzIM U.S. Equity 6 Month Buffer10 Jan/Jul ETF

    Expense ratio
    0.69% · 0.74%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.