BOCT vs ZALT: Grades, Fees and Holdings Compared

Innovator U.S. Equity Buffer ETF

BOCTBCboe

Innovator U.S. Equity 10 Buffer ETF - Quarterly

ZALTACboe

Overlap

98.5%by weight

Expense ratio

ZALT −0.10pt a year

BOCT0.79%ZALT0.69%

Avg volume · 30D

ZALT 4.6×the volume

BOCT30.3KZALT138K

3Y return · a year

BOCT +5.6pt

BOCT+16.2%ZALT+10.6%

BOCT vs ZALT Performance

Oct 31, 2025 – Oct 30, 2026

+12.1%BOCT+7.1%ZALT

Expense ratio: BOCT 0.79%; ZALT 0.69%, better
Fund size: BOCT $357M; ZALT $840M
1Y total return: BOCT +12.1%, better; ZALT +7.1%
Yield (12M): BOCT 0.00%; ZALT No data
Holdings: BOCT 503; ZALT 503
Avg volume (30D): BOCT 30.3K sh; ZALT 138K sh, better
NAV per share: BOCT $54.74; ZALT $34.50
52W range

ETF.net Grade

Pillar letters and Scores for BOCT, ZALT, with each pillar’s weight
Pillar	BOCT	ZALT
Cost30% weight	C40	A82Higher
Mission25% weight	A87Higher	A80
Risk15% weight	C47	A79Higher
Tradability15% weight	A70Higher	B65
Holdings10% weight	A90	A90
Durability5% weight	A78Higher	B61

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

How we build Categories ›

Same Category. BOCT 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 BOCT 23rd of 77 funds in the S&P 500 Buffer 9-12% Category.

Rank 1AZALTInnovator U.S. Equity 10 Buffer ETF - QuarterlyScore 77
Rank 2BAUGPPGIM S&P 500 Buffer 12 ETF - AugustScore 67
Rank 21BJULTAllianzIM U.S. Equity Buffer10 Jul ETFScore 57
Rank 23BBOCTInnovator U.S. Equity Buffer ETFScore 56
Rank 23BPJUNInnovator U.S. Equity Power Buffer ETF - JuneScore 56

Our read on each fund

ETF.net Research

BOCTBInnovator U.S. Equity Buffer ETF

ZALTAInnovator U.S. Equity 10 Buffer ETF - Quarterly

In short

BOCT One of the original defined-outcome ETFs, listed October 1, 2018. It absorbs the first 9% of an S&P 500 drop over each one-year period starting October 1, and trades that safety net for a ceiling on the upside.

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

BOCT The Fund seeks to track SPY’s return up to a predetermined cap while buffering the first 9% of losses over the October 1, 2025 through September 30, 2026 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

BOCT Class of 2018: the October series listed on October 1, 2018, in the first wave of defined-outcome ETFs. It has run through real drawdowns since.sec.gov
Terms in writing, not hope: a 9% buffer on the reference ETF's losses plus a preset cap, both reset every October 1. Shares can be held through resets indefinitely.innovatoretfs.com
The shallowest of Innovator's three SPY-linked tiers (9%, 15%, 30% buffers), so it surrenders the least upside in exchange for its cushion.innovatoretfs.com
Part of a 12-month ladder (BJAN, BAPR, BJUL and the rest), so a 9% buffer period starts every month and you are not tied to one entry date.

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

BOCT At 0.79% a year it sits at the buffer-fund median, and newer rivals undercut it: ZALT at 0.69%, PGIM's AUGP and JUNP at 0.50%.
The 9% buffer is before fees and expenses and applies over the full October-to-September period. Buy mid-period and your actual cap and cushion differ from the headline terms.innovatoretfs.com
Upside stops at the cap and index dividends do not pass through. It also trades lighter than the category's biggest names, so spreads can widen.innovatoretfs.com

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 BOCT profile⁠

Full ZALT profile⁠

BOCT vs ZALT Holdings

How BOCT and ZALT differ

Overlap by weight

98.5%

Shared holdings make up 98.9% of ZALT and 98.5% of BOCT.

Level by level

Holdings501 in both98.5%
Sector11 Sectors99.0%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in BOCT and ZALT, widest gap first
Sector	More in BOCTMore in ZALT	BOCT	ZALT
Technology	BOCT +0.8 points	39.5%	38.7%
Communication	ZALT +0.2 points	8.9%	9.1%
Materials	BOCT +0.3 points	1.8%	1.5%
Financials	ZALT +0.3 points	11.6%	11.9%
Health Care	ZALT +0.2 points	9.7%	9.9%
Energy	Same weight	3.8%	3.8%
Consumer Staples	ZALT +0.1 points	4.7%	4.8%
Industrials	ZALT +0.1 points	7.3%	7.4%
Consumer Discretionary	Same weight	9.0%	9.0%
Utilities	Same weight	2.0%	2.0%
Real Estate	Same weight	1.8%	1.8%

Country, concentration and asset class

Country by domicile

Country weights in BOCT and ZALT, widest gap first
Country	More in BOCTMore in ZALT	BOCT	ZALT
United States	Same weight	99.5%	99.5%
Switzerland	Same weight	0.3%	0.3%
China	Same weight	0.1%	0.1%
Mexico	Same weight	0.1%	0.1%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

BOCT40.4%
ZALT37.7%

Securities held

BOCT503
ZALT503

Asset class

BOCT: Equity
ZALT: Equity

Holdings

Only in BOCT2
In both501
Only in ZALT2

Only in BOCT

2 securities, 5.6% of BOCT by weight

Spy 09/30/2027 762.65 P5.47%
Spy 09/30/2027 793.16 C0.11%

Only in ZALT

2 securities, 2.7% of ZALT by weight

Spy 12/31/2026 762.61 P2.67%
Spy 12/31/2026 770.26 C<0.01%

Weight gaps

The 100 widest of 501 Holdings in both funds.

Holding weights in BOCT and ZALT, widest gap first
Holding	More in BOCTMore in ZALT	BOCT	ZALT
Apple IncAAPL	ZALT +0.03 points	7.56%	7.59%
NVIDIA CorpNVDA	ZALT +0.03 points	7.44%	7.47%
Microsoft CorpMSFT	ZALT +0.03 points	5.82%	5.85%
Amazon.com IncAMZN	ZALT +0.02 points	3.54%	3.56%
Alphabet IncGOOGL	ZALT +0.01 points	2.47%	2.48%
Broadcom IncAVGO	ZALT +0.01 points	2.33%	2.34%
JPMorgan Chase & Co.JPM	ZALT +0.01 points	1.41%	1.42%
Meta Platforms IncMETA	ZALT +0.01 points	2.04%	2.05%
Alphabet IncGOOG	Same weight	1.99%	1.99%
Eli Lilly & CoLLY	ZALT +0.01 points	1.70%	1.71%
Tesla IncTSLA	ZALT +0.01 points	1.69%	1.70%
Berkshire Hathaway IncBRK.B	Same weight	1.52%	1.52%
Micron Technology IncMU	ZALT +0.01 points	1.50%	1.51%
Advanced Micro Devices IncAMD	Same weight	1.24%	1.24%
ExxonMobil Holdings CorpXOM	Same weight	1.16%	1.16%
Visa IncV	Same weight	1.06%	1.06%
Morgan StanleyMS	Same weight	0.59%	0.59%
Johnson & JohnsonJNJ	Same weight	0.99%	0.99%
State Street CorpSTT	ZALT +0.01 points	0.09%	0.10%
KeyCorpKEY	Same weight	0.04%	0.04%
Walmart IncWMT	Same weight	0.83%	0.83%
Mastercard IncMA	ZALT +0.01 points	0.77%	0.78%
AbbVie IncABBV	ZALT +0.01 points	0.78%	0.79%
Costco Wholesale CorpCOST	ZALT +0.01 points	0.67%	0.68%
Synchrony FinancialSYF	Same weight	0.04%	0.04%
Chevron CorpCVX	Same weight	0.70%	0.70%
Palantir Technologies IncPLTR	Same weight	0.64%	0.64%
Cisco Systems IncCSCO	Same weight	0.62%	0.62%
Us Bank Mmda - Usbgfs 9 09/01/2037	BOCT +0.01 points	0.45%	0.44%
Fifth Third BancorpFITB	Same weight	0.11%	0.11%
Procter & Gamble Co/ThePG	ZALT +0.01 points	0.56%	0.57%
Merck & Co IncMRK	ZALT +0.01 points	0.55%	0.56%
UnitedHealth Group IncUNH	Same weight	0.55%	0.55%
Coca-Cola Co/TheKO	Same weight	0.55%	0.55%
Home Depot Inc/TheHD	ZALT +0.01 points	0.49%	0.50%
Philip Morris International IncPM	Same weight	0.49%	0.49%
Intel CorpINTC	Same weight	0.49%	0.49%
Bank of America CorpBAC	Same weight	0.49%	0.49%
Ge AerospaceGE	Same weight	0.47%	0.47%
Applied Materials IncAMAT	Same weight	0.47%	0.47%
Lam Research CorpLRCX	Same weight	0.45%	0.45%
Palo Alto Networks IncPANW	Same weight	0.45%	0.45%
Caterpillar IncCAT	Same weight	0.43%	0.43%
Texas Instruments IncTXN	Same weight	0.41%	0.41%
Robinhood Markets IncHOOD	Same weight	0.11%	0.11%
RTX CorpRTX	ZALT +0.01 points	0.40%	0.41%
Netflix IncNFLX	Same weight	0.39%	0.39%
Crowdstrike Holdings IncCRWD	Same weight	0.38%	0.38%
Wells Fargo & CoWFC	Same weight	0.38%	0.38%
Thermo Fisher Scientific IncTMO	Same weight	0.39%	0.39%
Amgen IncAMGN	Same weight	0.38%	0.38%
International Business Machines CorpIBM	ZALT +0.01 points	0.36%	0.37%
Linde PLCLIN	Same weight	0.36%	0.36%
GE Vernova IncGEV	Same weight	0.34%	0.34%
Oracle CorpORCL	Same weight	0.34%	0.34%
Gilead Sciences IncGILD	Same weight	0.32%	0.32%
Kla CorpKLAC	Same weight	0.31%	0.31%
Analog Devices IncADI	Same weight	0.31%	0.31%
Citigroup IncC	Same weight	0.31%	0.31%
Amphenol CorpAPH	ZALT +0.01 points	0.29%	0.29%
Walt Disney Co/TheDIS	Same weight	0.29%	0.29%
PepsiCo IncPEP	Same weight	0.28%	0.28%
Salesforce IncCRM	Same weight	0.28%	0.28%
Union Pacific CorpUNP	Same weight	0.27%	0.27%
Sandisk CorpSNDK	Same weight	0.25%	0.25%
Verizon Communications IncVZ	Same weight	0.28%	0.28%
ConocoPhillipsCOP	Same weight	0.28%	0.28%
Abbott LaboratoriesABT	Same weight	0.28%	0.28%
McDonald's CorpMCD	ZALT +0.01 points	0.27%	0.28%
Regions Financial CorpRF	Same weight	0.04%	0.04%
QUALCOMM IncQCOM	ZALT +0.01 points	0.26%	0.27%
Arista Networks IncANET	Same weight	0.27%	0.27%
NextEra Energy IncNEE	Same weight	0.26%	0.26%
Marvell Technology IncMRVL	Same weight	0.26%	0.26%
Pfizer IncPFE	Same weight	0.26%	0.26%
American Express CoAXP	Same weight	0.25%	0.25%
Welltower IncWELL	ZALT +0.01 points	0.25%	0.26%
Deere & CoDE	ZALT +0.01 points	0.25%	0.26%
NVR IncNVR	Same weight	0.02%	0.02%
Accenture PLCACN	Same weight	0.24%	0.24%
TJX Cos Inc/TheTJX	Same weight	0.23%	0.23%
Intuitive Surgical IncISRG	Same weight	0.23%	0.23%
Blackrock IncBLK	Same weight	0.25%	0.25%
S&P Global IncSPGI	Same weight	0.21%	0.21%
Invesco LtdIVZ	Same weight	0.04%	0.04%
Seagate Technology Holdings PLCSTX	Same weight	0.22%	0.22%
AT&T IncT	Same weight	0.22%	0.22%
Charles Schwab Corp/TheSCHW	Same weight	0.21%	0.22%
Eaton Corp PLCETN	Same weight	0.22%	0.22%
Danaher CorpDHR	Same weight	0.22%	0.22%
Lockheed Martin CorpLMT	ZALT +0.01 points	0.19%	0.20%
Chubb LtdCB	Same weight	0.19%	0.19%
Progressive Corp/ThePGR	Same weight	0.20%	0.20%
Marathon Petroleum CorpMPC	Same weight	0.19%	0.19%
Western Digital CorpWDC	Same weight	0.20%	0.20%
McKesson CorpMCK	Same weight	0.17%	0.17%
Uber Technologies IncUBER	Same weight	0.20%	0.20%
Boeing Co/TheBA	Same weight	0.20%	0.20%
Capital One Financial CorpCOF	Same weight	0.19%	0.19%
Vertex Pharmaceuticals IncVRTX	Same weight	0.21%	0.21%

All BOCT 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.

BOCT vs ZALT Cost

Overpaying BOCT vs ZALT

$1,745

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

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

Amount$10,000

Years30 years

Cost over time

BOCT 0.79%
ZALT 0.69%
Overpaying

Year by year

Year	BOCT	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%BOCT
0.69%ZALT, cheaper

ZALT0.69%BOCT0.79%

0.25%0.85%

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

ZALT 14th cheapest of 77 funds

BOCT 34th cheapest of 77 funds

BOCT vs ZALT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BOCT 0.00%; ZALT No data
Payout (12M): BOCT None; ZALT None

Distribution history

Per share, 2019, same scale for both

BOCT1 paymentAll BOCT payments⁠

ZALTAll ZALT payments⁠

No distribution history available.

BOCT vs ZALT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BOCT 7.9%ZALT 3.8%, better
Return per unit of riskSharpe ratio, 3 years: BOCT 1.38ZALT 1.50, better
Worst fallMax drawdown, 5 years: BOCT −14.3%ZALT −8.2%since Oct 2023
Market sensitivityBeta, 5 years: BOCT 0.64ZALT 0.29; Market = 1

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