JANT vs ZALT

JANTBAllianzIM U.S. Equity Buffer10 Jan ETF

ZALTAInnovator U.S. Equity 10 Buffer ETF - Quarterly

In short

JANT A buffer fund that runs on the calendar: the 12-month outcome period opens January 1 and closes December 31, absorbing the first 10% of S&P 500 price losses in exchange for a cap reset each New Year.

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

JANT The Fund seeks to match the stated underlying reference's returns at the end of the current Outcome Period up to an upside Cap, while providing a downside buffer against the first 10% of losses before fees and expenses.

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

• JANT Fee is 0.74%, below the typical shallow-buffer fund, and the overall build stands among the stronger ones in its peer group.
• The outcome period runs January 1 to December 31, so the reset lands with the calendar year rather than mid-quarter.allianzim.com
• Exchange-traded FLEX options held inside a 1940 Act fund and cleared by the OCC, so the payoff does not ride on one bank's credit the way a structured note does.allianzim.comsec.gov
• One of twelve monthly AllianzIM Buffer10 funds, so a January start can be laddered alongside other reset months.allianzim.com

• 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

• JANT The buffer covers the first 10% of losses before fees and expenses; deeper declines pass through, and the upside stops at the period's cap.
• The reference is the S&P 500 price index, so dividends sit outside the payoff math.
• Thinly traded, so limit orders earn their keep, and buying mid-period leaves you with a different cap and buffer than the ones set on January 1.allianzim.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 JANT profile⁠

Full ZALT profile⁠