BJAN vs ZALT

BJANCInnovator U.S. Equity Buffer ETF

ZALTAInnovator U.S. Equity 10 Buffer ETF - Quarterly

In short

BJAN A written-down deal instead of a forecast: BJAN absorbs the first 9% of SPDR S&P 500 ETF Trust losses over a one-year outcome period that resets every January, and gives up upside above a cap in exchange. It has run that same playbook since 2019.

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

BJAN The Fund seeks to match the return of the SPDR S&P 500 ETF Trust up to a stated upside cap while protecting against the first 9% of losses during the applicable outcome period.

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

• BJAN The terms are spelled out in the prospectus, not implied: first 9% of reference losses absorbed, upside capped, one-year outcome period starting each January.innovatoretfs.com
• Trading since January 2019, so the January series has rolled through real market cycles rather than arriving on the back of a model.
• The 0.79% expense ratio sits right at the median for buffer funds built on the same reference, so you are paying the going rate for the structure.
• Stands in the upper half of its buffer-fund peer group, with a long operating record doing the most to hold it there.

• 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

• BJAN The cap is reset each January and set by option pricing at the time. Buy mid-period and you get the buffer and upside that remain, not the headline terms.innovatoretfs.com
• Trades lightly next to the busiest buffer funds, which can mean wider spreads. Limit orders do more work here than in a mega-cap index fund.
• Cheaper routes to a similar trade exist in the same cohort: BUFB ladders buffers across months at 0.10%, ZALT runs a quarterly reset at 0.69%.

• 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 BJAN profile⁠

Full ZALT profile⁠