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FDEC vs ZALT

FT Vest U.S. Equity Buffer ETF - December

FDECCCboe

Innovator U.S. Equity 10 Buffer ETF - Quarterly

ZALTACboe

Overlap

0.0%by weight

Expense ratio

ZALT −0.16pt a year

FDEC0.85%ZALT0.69%

Avg volume · 30D

ZALT 4.7×the volume

FDEC29.4KZALT138K

3Y return · a year

FDEC +6.9pt

FDEC+17.5%ZALT+10.6%

FDEC vs ZALT Performance

Oct 31, 2025 – Oct 30, 2026

+12.2%FDEC+7.1%ZALT

Oct 31, 2025 to Oct 30, 2026. FDEC +12.2%. ZALT +7.1%. Use the arrow keys to read each point.−2.5%0%2.5%5%10%Oct 2025Apr 2026Oct 2026
Expense ratio
FDEC 0.85%
ZALT 0.69%, better
Fund size
FDEC $1.33B
ZALT $840M
1Y total return
FDEC +12.2%, better
ZALT +7.1%
Holdings
FDEC 3
ZALT 503
Avg volume (30D)
FDEC 29.4K sh
ZALT 138K sh, better
NAV per share
FDEC $55.95
ZALT $34.50
52W range

ETF.net Grade

FDEC: Cost 11, Risk 54, Mission not scored, Tradability 84, Holdings 60, Durability 81. ZALT: Cost 82, Risk 79, Mission 80, Tradability 65, Holdings 90, Durability 61.
Pillar letters and Scores for FDEC, ZALT, with each pillar’s weight
PillarFDECZALT
Cost30% weightF11A82Higher
Mission25% weightNot scoredA80
Risk15% weightC54A79Higher
Tradability15% weightA84HigherB65
Holdings10% weightB60A90Higher
Durability5% weightA81HigherB61

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. FDEC 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 FDEC 49th 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 49CDHDGFT Vest U.S. Equity Quarterly 2.5 to 15 Buffer ETFScore 45
  4. Rank 49CFDECFT Vest U.S. Equity Buffer ETF - DecemberScore 45
  5. Rank 49CFSEPFT Vest U.S. Equity Buffer ETF - SeptemberScore 45

Our read on each fund

ETF.net Research

FDECCFT Vest U.S. Equity Buffer ETF - December

ZALTAInnovator U.S. Equity 10 Buffer ETF - Quarterly

In short

FDEC The December door into First Trust's buffer ladder: it absorbs the first 10% of a drop in the big S&P 500 ETF over a one-year stretch, and trades away the rest of the upside above a cap that resets every December.

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

FDEC The Fund seeks to match the price return of the State Street SPDR S&P 500 ETF Trust, subject to a 14.75% upside cap and protection against the first 10% of losses during the stated 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

  • FDEC Mechanically simple: the first 10% of the reference S&P 500 ETF's price decline is absorbed over each one-year outcome period, with a cap set fresh every December.ftportfolios.com
  • One of twelve monthly siblings running the same playbook (FJAN through FNOV), so a fresh outcome period is never far off and start months can be laddered.
  • Live since 2020 with assets in the billions, one of the settled, well-established names in the defined-outcome aisle.
  • 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

  • FDEC 0.85% a year sits at the pricier end of the buffer shelf: BUFB charges 0.10% and ZALT 0.69% for a comparable 10% cushion.
  • It follows price return, so S&P 500 dividends are not passed through and the fund has not been making distributions.
  • Thinly traded for its size, and the stated buffer and cap apply in full only across a complete outcome period. Buy mid-period and your own terms differ.
  • 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 FDEC profile⁠

Full ZALT profile⁠

FDEC vs ZALT Holdings

How FDEC and ZALT differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of FDEC and 0.0% of ZALT.

Level by level

  • Holdings0 in both0.0%
  • Sector11 Sectors97.6%
  • Countryby domicile100%

Sector

Sector weights in FDEC and ZALT, widest gap first
SectorMore in FDECMore in ZALT
TechnologyFDEC +1.4 points
CommunicationFDEC +0.8 points
FinancialsZALT +0.6 points
Health CareZALT +0.5 points
EnergyZALT +0.4 points
Consumer StaplesZALT +0.4 points
Consumer DiscretionaryZALT +0.3 points
IndustrialsFDEC +0.2 points
UtilitiesZALT +0.1 points
Real EstateZALT +0.1 points
MaterialsFDEC +0.1 points

Country, concentration and asset class

Country by domicile

Country weights in FDEC and ZALT, widest gap first
CountryMore in FDECMore in ZALT
United StatesSame weight
SwitzerlandSame weight
ChinaSame weight
MexicoSame weight
IrelandSame weight
United KingdomSame weight

Concentration

Weight in the 10 largest Holdings

  • FDEC101.1%
  • ZALT37.7%

Securities held

  • FDEC2
  • ZALT503

Asset class

FDEC
Multi-Asset
ZALT
Equity

Holdings

  • Only in FDEC2
  • In both0
  • Only in ZALT503

Only in FDEC

2 securities, 100% of FDEC by weight

  • 2026-12-18 State Street® SPDR® S&P 500® ETF Trust C 6.81100.22%
  • 2026-12-18 State Street® SPDR® S&P 500® ETF Trust P 680.590.50%

Only in ZALT

503 securities, 100% of ZALT by weight

  • Apple Inc7.59%
  • NVIDIA Corp7.47%
  • Microsoft Corp5.85%

Weight gaps

FDEC and ZALT share no securities.

All 4 FDEC 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.

FDEC vs ZALT Cost

Overpaying FDEC vs ZALT

$2,770

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

  • FDEC 0.85%

    $16,199

  • ZALT 0.69%

    $13,429

$10,000
30 years

Cost over time

  • FDEC 0.85%
  • 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$15K$20K051015202530FDEC $16,199ZALT $13,429

Year by year

YearFDECZALTOverpaying
10$1,508$1,232$276
20$5,706$4,697$1,009
30$16,199$13,429$2,770

Expense ratio

  • 0.85%FDEC
  • 0.69%ZALT, cheaper
  • Middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

ZALT 14th cheapest of 77 funds

FDEC 60th cheapest of 77 funds

FDEC vs ZALT Dividends

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

Distribution history

FDECAll FDEC payments⁠

No distribution history available.

ZALTAll ZALT payments⁠

No distribution history available.

FDEC vs ZALT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
FDEC 8.1%ZALT 3.8%, better
Return per unit of riskSharpe ratio, 3 years
FDEC 1.51, betterZALT 1.50
Worst fallMax drawdown, 5 years
FDEC −15.7%ZALT −8.2%since Oct 2023
Market sensitivityBeta, 5 years
FDEC 0.66ZALT 0.29

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