BNOV vs ZALT: Grades, Fees and Holdings Compared

Innovator U.S. Equity Buffer ETF

BNOVCCboe

Innovator U.S. Equity 10 Buffer ETF - Quarterly

ZALTACboe

Overlap

96.6%by weight

Expense ratio

ZALT −0.10pt a year

BNOV0.79%ZALT0.69%

Avg volume · 30D

ZALT 7.7×the volume

BNOV17.6KZALT135K

3Y return · a year

BNOV +3.9pt

BNOV+13.9%ZALT+10.0%

BNOV vs ZALT Performance

Nov 7, 2025 – Nov 9, 2026

+11.1%BNOV+7.7%ZALT

Expense ratio: BNOV 0.79%; ZALT 0.69%, better
Fund size: BNOV $195M; ZALT $835M
1Y total return: BNOV +11.1%, better; ZALT +7.7%
Holdings: BNOV 503; ZALT 503
Avg volume (30D): BNOV 17.6K sh; ZALT 135K sh, better
NAV per share: BNOV $47.65; ZALT $34.14
52W range

ETF.net Grade

Pillar letters and Scores for BNOV, ZALT, with each pillar’s weight
Pillar	BNOV	ZALT
Cost30% weight	C40	A82Higher
Mission25% weight	A84Higher	A80
Risk15% weight	D34	A73Higher
Tradability15% weight	C54	B65Higher
Holdings10% weight	A89	A89
Durability5% weight	A76Higher	B61

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

How we build Categories ›

Same Category. BNOV 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 BNOV 40th of 77 funds in the S&P 500 Buffer 9-12% Category.

Rank 1AZALTInnovator U.S. Equity 10 Buffer ETF - QuarterlyScore 76
Rank 2BAUGPPGIM S&P 500 Buffer 12 ETF - AugustScore 66
Rank 37CBMAYInnovator U.S. Equity Buffer ETFScore 51
Rank 40CBNOVInnovator U.S. Equity Buffer ETFScore 50
Rank 41CFFEBFT Vest U.S. Equity Buffer ETF - FebruaryScore 48

Our read on each fund

ETF.net Research

BNOVCInnovator U.S. Equity Buffer ETF

ZALTAInnovator U.S. Equity 10 Buffer ETF - Quarterly

In short

BNOV The November rung of Innovator's buffer lineup: it follows the big S&P 500 ETF up to a cap set each November 1 and absorbs that ETF's first 9% of losses, then starts over a year later.

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

BNOV The fund seeks to track SPY up to a predetermined cap while buffering investors against the first 9% of losses over the 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

BNOV The contract is simple: the first 9% of the reference S&P 500 ETF's decline is buffered over the outcome period, with gains capped at a level fixed at the start.
Running since its 2019 launch, it resets on a fixed calendar: a fresh buffer and cap every November 1, through the following October 31.
The 0.79% expense ratio sits right at the median for shallow-buffer funds built on the same S&P 500 ETF.
The defined outcome arrives in a plain 1940 Act ETF wrapper, not a bank-issued structured note.

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.gov cboe.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

BNOV Priced with the pack at 0.79%, but cheaper paths to a buffer exist, including the laddered BUFB at 0.10%.
The buffer and cap are engineered for a full outcome period. Buying mid-period means your effective protection and upside differ from the headline terms.
It trades thinly next to its peers, and across a crowded field of 50-plus shallow-buffer funds it sits in the lower half on cost, trading and risk.

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 BNOV profile⁠

Full ZALT profile⁠

BNOV vs ZALT Holdings

How BNOV and ZALT differ

Overlap by weight

96.6%

Shared holdings make up 98.0% of BNOV and 97.2% of ZALT.

Level by level

Holdings501 in both96.6%
Sector11 Sectors97.7%
Countryby domicile97.9%
Asset classStocks100%

Sector

Sector weights in BNOV and ZALT, widest gap first
Sector	Gap	BNOV	ZALT
Technology	BNOV +1.9 points	38.2%	36.3%
Financials	ZALT +0.5 points	12.1%	12.6%
Consumer Discretionary	ZALT +0.5 points	9.2%	9.7%
Communication	ZALT +0.4 points	8.4%	8.8%
Energy	BNOV +0.3 points	3.9%	3.5%
Health Care	ZALT +0.3 points	10.3%	10.6%
Consumer Staples	ZALT +0.2 points	4.9%	5.1%
Real Estate	ZALT +0.1 points	1.8%	1.9%
Utilities	ZALT +0.1 points	2.1%	2.1%
Materials	Same weight	1.6%	1.6%
Industrials	Same weight	7.6%	7.6%

Country, concentration and asset class

Country by domicile

Country weights in BNOV and ZALT, widest gap first
Country	Gap	BNOV	ZALT
United States	ZALT +1.9 points	97.6%	99.5%
Ireland	BNOV +1.3 points	1.3%	0.0%
Other countries (8)	BNOV +0.8 points	1.2%	0.4%

Concentration

Weight in the 10 largest Holdings

BNOV41.9%
ZALT39.2%

Securities held

BNOV503
ZALT503

Asset class

BNOV: Stocks
ZALT: Stocks

Holdings

Only in BNOV2
In both501
Only in ZALT2

Only in BNOV

2 securities, 6.9% of BNOV by weight

Spy 10/29/2027 755.74 P6.83%
Spy 10/29/2027 785.97 C0.10%

Only in ZALT

2 securities, 4.4% of ZALT by weight

Spy 12/31/2026 762.61 P4.39%
Spy 12/31/2026 770.26 C<0.01%

Weight gaps

The 100 widest of 501 Holdings in both funds.

Holding weights in BNOV and ZALT, widest gap first
Holding	Gap	BNOV	ZALT
Microsoft CorpMSFT	BNOV +0.14 points	6.14%	6.00%
Apple IncAAPL	BNOV +0.13 points	7.74%	7.61%
NVIDIA CorpNVDA	ZALT +0.10 points	6.78%	6.88%
Advanced Micro Devices IncAMD	ZALT +0.10 points	1.02%	1.12%
Amazon.com IncAMZN	BNOV +0.06 points	3.94%	3.88%
Us Bank Mmda - Usbgfs 9 09/01/2037	BNOV +0.05 points	0.34%	0.29%
Tesla IncTSLA	ZALT +0.05 points	1.49%	1.54%
Micron Technology IncMU	ZALT +0.05 points	1.14%	1.19%
Eli Lilly & CoLLY	BNOV +0.03 points	1.68%	1.65%
JPMorgan Chase & Co.JPM	BNOV +0.03 points	1.45%	1.42%
Intel CorpINTC	ZALT +0.03 points	0.40%	0.43%
Walmart IncWMT	BNOV +0.03 points	0.88%	0.85%
Lam Research CorpLRCX	ZALT +0.02 points	0.36%	0.38%
Berkshire Hathaway IncBRK.B	BNOV +0.02 points	1.64%	1.62%
Netflix IncNFLX	BNOV +0.02 points	0.42%	0.40%
Cisco Systems IncCSCO	BNOV +0.02 points	0.58%	0.56%
Costco Wholesale CorpCOST	BNOV +0.02 points	0.73%	0.71%
Home Depot Inc/TheHD	BNOV +0.02 points	0.54%	0.52%
Arista Networks IncANET	ZALT +0.01 points	0.26%	0.27%
Philip Morris International IncPM	BNOV +0.01 points	0.48%	0.47%
Kla CorpKLAC	ZALT +0.02 points	0.26%	0.28%
Salesforce IncCRM	BNOV +0.01 points	0.28%	0.27%
Mastercard IncMA	BNOV +0.02 points	0.82%	0.80%
Abbott LaboratoriesABT	BNOV +0.01 points	0.30%	0.29%
Procter & Gamble Co/ThePG	BNOV +0.01 points	0.60%	0.59%
Visa IncV	BNOV +0.01 points	1.11%	1.10%
AppLovin CorpAPP	ZALT +0.01 points	0.15%	0.16%
Palantir Technologies IncPLTR	ZALT +0.01 points	0.55%	0.56%
Applied Materials IncAMAT	ZALT +0.01 points	0.39%	0.40%
Booking Holdings IncBKNG	BNOV +0.02 points	0.20%	0.18%
Airbnb IncABNB	ZALT +0.01 points	0.11%	0.12%
Intuitive Surgical IncISRG	BNOV +0.02 points	0.26%	0.24%
QUALCOMM IncQCOM	ZALT +0.01 points	0.26%	0.27%
Alphabet IncGOOGL	BNOV +0.01 points	2.56%	2.55%
Union Pacific CorpUNP	BNOV +0.01 points	0.27%	0.26%
Morgan StanleyMS	BNOV +0.01 points	0.59%	0.58%
Broadcom IncAVGO	BNOV +0.01 points	2.14%	2.13%
RTX CorpRTX	BNOV +0.01 points	0.40%	0.39%
Bank of America CorpBAC	BNOV +0.01 points	0.50%	0.49%
Axon Enterprise IncAXON	BNOV +0.01 points	0.05%	0.04%
ExxonMobil Holdings CorpXOM	BNOV +0.01 points	1.05%	1.04%
Chevron CorpCVX	BNOV +0.01 points	0.65%	0.64%
UnitedHealth Group IncUNH	BNOV +0.01 points	0.55%	0.54%
Alphabet IncGOOG	Same weight	2.06%	2.06%
Linde PLCLIN	BNOV +0.01 points	0.37%	0.36%
TJX Cos Inc/TheTJX	BNOV +0.01 points	0.24%	0.23%
Marvell Technology IncMRVL	ZALT +0.01 points	0.18%	0.19%
Medtronic PLCMDT	BNOV +0.01 points	0.20%	0.19%
Amphenol CorpAPH	ZALT +0.01 points	0.27%	0.28%
Ge AerospaceGE	ZALT +0.01 points	0.50%	0.51%
NextEra Energy IncNEE	Same weight	0.28%	0.28%
Merck & Co IncMRK	BNOV +0.01 points	0.56%	0.55%
International Business Machines CorpIBM	BNOV +0.01 points	0.36%	0.35%
Intuit IncINTU	BNOV +0.01 points	0.15%	0.14%
Accenture PLCACN	BNOV +0.01 points	0.25%	0.24%
Progressive Corp/ThePGR	BNOV +0.01 points	0.21%	0.20%
Meta Platforms IncMETA	BNOV +0.01 points	2.06%	2.05%
Coca-Cola Co/TheKO	BNOV +0.01 points	0.57%	0.56%
Stryker CorpSYK	BNOV +0.01 points	0.18%	0.17%
CSX CorpCSX	BNOV +0.01 points	0.15%	0.14%
Eaton Corp PLCETN	Same weight	0.20%	0.20%
PepsiCo IncPEP	BNOV +0.01 points	0.30%	0.29%
Coherent CorpCOHR	ZALT +0.01 points	0.05%	0.06%
Wells Fargo & CoWFC	Same weight	0.39%	0.39%
American Express CoAXP	Same weight	0.26%	0.26%
Verizon Communications IncVZ	BNOV +0.01 points	0.30%	0.29%
Quanta Services IncPWR	Same weight	0.12%	0.12%
Altria Group IncMO	BNOV +0.01 points	0.20%	0.19%
Adobe IncADBE	BNOV +0.01 points	0.15%	0.14%
Microchip Technology IncMCHP	Same weight	0.05%	0.05%
Chubb LtdCB	Same weight	0.20%	0.20%
Monster Beverage CorpMNST	BNOV +0.01 points	0.11%	0.10%
Allstate Corp/TheALL	Same weight	0.10%	0.10%
Texas Instruments IncTXN	Same weight	0.39%	0.39%
General Motors CoGM	Same weight	0.12%	0.12%
Palo Alto Networks IncPANW	BNOV +0.01 points	0.40%	0.39%
Thermo Fisher Scientific IncTMO	Same weight	0.39%	0.39%
Moderna IncMRNA	Same weight	0.14%	0.14%
Bristol-Myers Squibb CoBMY	BNOV +0.01 points	0.20%	0.19%
Charles Schwab Corp/TheSCHW	Same weight	0.23%	0.23%
Boston Scientific CorpBSX	BNOV +0.01 points	0.10%	0.09%
American Tower CorpAMT	BNOV +0.01 points	0.14%	0.13%
McDonald's CorpMCD	Same weight	0.30%	0.30%
Marsh & McLennan Cos IncMRSH	Same weight	0.15%	0.15%
Vistra CorpVST	ZALT +0.01 points	0.05%	0.06%
Gilead Sciences IncGILD	Same weight	0.32%	0.32%
Walt Disney Co/TheDIS	Same weight	0.31%	0.31%
Lockheed Martin CorpLMT	Same weight	0.18%	0.18%
Fortinet IncFTNT	BNOV +0.01 points	0.12%	0.11%
AT&T IncT	Same weight	0.23%	0.23%
United Parcel Service IncUPS	BNOV +0.01 points	0.13%	0.12%
Comcast CorpCMCSA	BNOV +0.01 points	0.14%	0.13%
Cigna Group/TheCI	Same weight	0.12%	0.12%
Lowe's Cos IncLOW	BNOV +0.01 points	0.20%	0.19%
Duke Energy CorpDUK	BNOV +0.01 points	0.16%	0.15%
S&P Global IncSPGI	Same weight	0.22%	0.22%
Automatic Data Processing IncADP	BNOV +0.01 points	0.19%	0.18%
Crowdstrike Holdings IncCRWD	Same weight	0.34%	0.34%
Prologis IncPLD	BNOV +0.01 points	0.19%	0.18%
Sandisk CorpSNDK	ZALT +0.01 points	0.18%	0.19%

All BNOV 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.

BNOV vs ZALT Cost

Overpaying BNOV vs ZALT

$1,745

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

BNOV 0.79%
$15,174
ZALT 0.69%
$13,429

Amount$10,000

Years30 years

Cost over time

BNOV 0.79%
ZALT 0.69%
Overpaying

Year by year

Year	BNOV	ZALT	Overpaying
10	$1,405	$1,232	$173
20	$5,331	$4,697	$634
30	$15,174	$13,429	$1,745

Expense ratio

0.79%BNOV
0.69%ZALT, cheaper

ZALT0.69%BNOV0.79%

0.25%0.85%

Middle half of S&P 500 Buffer 9-12% funds
Median 0.79%

ZALT 14th cheapest of 77 funds

BNOV 34th cheapest of 77 funds

BNOV vs ZALT Dividends

Last 12 months to Nov 9, 2026

Payout (12M): BNOV None; ZALT None

Distribution history

BNOVAll BNOV payments⁠

No distribution history available.

ZALTAll ZALT payments⁠

No distribution history available.

BNOV vs ZALT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BNOV 8.0%ZALT 3.8%, better
Return per unit of riskSharpe ratio, 3 years: BNOV 1.23ZALT 1.51, better
Worst fallMax drawdown, 5 years: BNOV −16.3%ZALT −8.2%since Oct 2023
Market sensitivityBeta, 5 years: BNOV 0.71ZALT 0.29; Market = 1

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