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AUGP vs ZALT

PGIM S&P 500 Buffer 12 ETF - August

AUGPBCboe

Innovator U.S. Equity 10 Buffer ETF - Quarterly

ZALTACboe

Overlap

Expense ratio

AUGP −0.19pt a year

AUGP0.50%ZALT0.69%

Avg volume · 30D

ZALT 18.8×the volume

AUGP7.35KZALT138K

AUGP vs ZALT Performance

Oct 31, 2025 – Oct 30, 2026

+10.3%AUGP+7.1%ZALT

Oct 31, 2025 to Oct 30, 2026. AUGP +10.3%. ZALT +7.1%. Use the arrow keys to read each point.−2.5%0%2.5%5%12.5%Oct 2025Apr 2026Oct 2026
Expense ratio
AUGP 0.50%, better
ZALT 0.69%
Fund size
AUGP $38M
ZALT $840M
1Y total return
AUGP +10.3%, better
ZALT +7.1%
Holdings
AUGP 4
ZALT 503
Avg volume (30D)
AUGP 7.35K sh
ZALT 138K sh, better
NAV per share
AUGP $34.23
ZALT $34.50
52W range

ETF.net Grade

AUGP: Cost 91, Risk 72, Mission not scored, Tradability 24, Holdings not scored, Durability 38. ZALT: Cost 82, Risk 79, Mission 80, Tradability 65, Holdings 90, Durability 61.
Pillar letters and Scores for AUGP, ZALT, with each pillar’s weight
PillarAUGPZALT
Cost30% weightA91HigherA82
Mission25% weightNot scoredA80
Risk15% weightA72A79Higher
Tradability15% weightF24B65Higher
Holdings10% weightNot scoredA90
Durability5% weightD38B61Higher

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. AUGP 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 AUGP 2nd 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 3BTENJiShares Large Cap 10% Target Buffer Jun ETFScore 66

Our read on each fund

ETF.net Research

AUGPBPGIM S&P 500 Buffer 12 ETF - August

ZALTAInnovator U.S. Equity 10 Buffer ETF - Quarterly

In short

AUGP 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

AUGP 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

AUGP 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

AUGP 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 AUGP profile⁠

Full ZALT profile⁠

AUGP vs 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.

AUGP vs ZALT Cost

Overpaying ZALT vs AUGP

$3,450

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

  • AUGP 0.50%

    $9,979

  • ZALT 0.69%

    $13,429

$10,000
30 years

Cost over time

  • AUGP 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 $13,429AUGP $9,979

Year by year

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

Expense ratio

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

AUGP 5th cheapest of 77 funds

ZALT 14th cheapest of 77 funds

AUGP vs ZALT Dividends

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

Distribution history

AUGPAll AUGP payments⁠

No distribution history available.

ZALTAll ZALT payments⁠

No distribution history available.

AUGP vs ZALT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
AUGP 6.2%since Jun 2024ZALT 3.8%
Return per unit of riskSharpe ratio, 3 years
AUGP 1.31since Jun 2024ZALT 1.50
Worst fallMax drawdown, 5 years
AUGP −11.1%since May 2024ZALT −8.2%since Oct 2023
Market sensitivityBeta, 5 years
AUGP 0.53ZALT 0.29

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