FJAN vs ZALT

FJANCFT Vest U.S. Equity Buffer ETF - January

ZALTAInnovator U.S. Equity 10 Buffer ETF - Quarterly

In short

FJAN A defined slice of SPY: the first 10% of losses absorbed, the upside capped, the whole deal rewritten every January for a fresh 12 months. One of twelve monthly-dated siblings in First Trust's buffer lineup, so the start date is yours to pick.

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

FJAN The Fund seeks to match the price return of the State Street® SPDR® S&P 500® ETF Trust up to a stated upside cap, while buffering the first 10% of losses during the current 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

• FJAN The payoff is spelled out in advance: first 10% of SPY's price decline absorbed, upside capped at a stated level, terms reset each January for the next 12 months.ftportfolios.com
• Twelve dated siblings run the same 10% buffer (FFEB, FMAR, FAPR and on down the calendar), so money can be laddered across start months instead of riding one January entry.ftportfolios.com
• Live since 2021 and now a multi-billion-dollar fund, it has cycled through repeated annual resets rather than a single outcome window.

• 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

• FJAN 0.85% a year is the price of the options package. Cheaper builds of the same buffer idea exist, including ZALT at 0.69% and BUFB at 0.10%.
• Buy mid-period and you get whatever cap and buffer remain, not the headline terms. The stated 10% runs reset to reset, not from your purchase date.ftportfolios.com
• Thinly traded for its size, so limit orders earn their keep. It is built around price outcomes, not a distribution stream.

• 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 FJAN profile⁠

Full ZALT profile⁠