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BUFM vs ZALT

AB Moderate Buffer ETF

BUFMBNasdaq

Innovator U.S. Equity 10 Buffer ETF - Quarterly

ZALTACboe

Overlap

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

BUFM0.69%ZALT0.69%

Avg volume · 30D

ZALT 4.7×the volume

BUFM29.4KZALT138K

BUFM vs ZALT Performance

Oct 31, 2025 – Oct 30, 2026

+5.2%BUFM+7.1%ZALT

Oct 31, 2025 to Oct 30, 2026. BUFM +5.2%. ZALT +7.1%. Use the arrow keys to read each point.0%2%4%Oct 2025Apr 2026Oct 2026
Expense ratio
BUFM 0.69%
ZALT 0.69%
Fund size
BUFM $493M
ZALT $840M
1Y total return
BUFM +5.2%
ZALT +7.1%, better
Holdings
BUFM 5
ZALT 503
Avg volume (30D)
BUFM 29.4K sh
ZALT 138K sh, better
NAV per share
BUFM $40.64
ZALT $34.50
52W range

ETF.net Grade

BUFM: Cost 82, Risk 47, Mission not scored, Tradability 53, Holdings not scored, Durability 52. ZALT: Cost 82, Risk 79, Mission 80, Tradability 65, Holdings 90, Durability 61.
Pillar letters and Scores for BUFM, ZALT, with each pillar’s weight
PillarBUFMZALT
Cost30% weightA82A82
Mission25% weightNot scoredA80
Risk15% weightC47A79Higher
Tradability15% weightC53B65Higher
Holdings10% weightNot scoredA90
Durability5% weightC52B61Higher

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. BUFM 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 BUFM 5th 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 4BSIXJAllianzIM U.S. Equity 6 Month Buffer10 Jan/Jul ETFScore 65
  4. Rank 5BBUFMAB Moderate Buffer ETFScore 64
  5. Rank 5BJANPPGIM S&P 500 Buffer 12 ETF - JanuaryScore 64

Our read on each fund

ETF.net Research

BUFMBAB Moderate Buffer ETF

ZALTAInnovator U.S. Equity 10 Buffer ETF - Quarterly

In short

BUFM 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

BUFM 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

BUFM 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

BUFM 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 BUFM profile⁠

Full ZALT profile⁠

BUFM 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.

BUFM vs ZALT Cost

Same expense ratio

$13,429

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

  • BUFM 0.69%

    $13,429

  • ZALT 0.69%

    $13,429

$10,000
30 years

Cost over time

  • BUFM 0.69%
  • ZALT 0.69%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530BUFM $13,429ZALT $13,429

Year by year

YearBUFMZALT
10$1,232$1,232
20$4,697$4,697
30$13,429$13,429

Expense ratio

  • 0.69%BUFM
  • 0.69%ZALT
  • Middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

BUFM 14th cheapest of 77 funds

ZALT 14th cheapest of 77 funds

BUFM vs ZALT Dividends

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

Distribution history

BUFMAll BUFM payments⁠

No distribution history available.

ZALTAll ZALT payments⁠

No distribution history available.

BUFM vs ZALT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BUFM 5.4%since Jan 2025ZALT 3.8%
Return per unit of riskSharpe ratio, 3 years
BUFM 0.92since Jan 2025ZALT 1.50
Worst fallMax drawdown, 5 years
BUFM −9.4%since Dec 2024ZALT −8.2%since Oct 2023
Market sensitivityBeta, 5 years
BUFM 0.40ZALT 0.29

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