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PQV vs ZALT

PGIM S&P 500 Quarterly Buffer 5 ETF

PQVCCboe

Innovator U.S. Equity 10 Buffer ETF - Quarterly

ZALTACboe

Overlap

Expense ratio

PQV −0.19pt a year

PQV0.50%ZALT0.69%

Avg volume · 30D

ZALT 473.2×the volume

PQV292ZALT138K

PQV vs ZALT Performance

Jul 31, 2026 – Oct 30, 2026

+1.1%PQV+1.3%ZALT

Jul 31, 2026 to Oct 30, 2026. PQV +1.1%. ZALT +1.3%. Use the arrow keys to read each point.0%0.5%2%2.5%3%Jul 2026Sep 2026Oct 2026
Expense ratio
PQV 0.50%, better
ZALT 0.69%
Fund size
PQV $2M
ZALT $840M
1Y total return
PQV No data
ZALT +7.1%
Holdings
PQV 4
ZALT 503
Avg volume (30D)
PQV 292 sh
ZALT 138K sh, better
NAV per share
PQV $25.71
ZALT $34.50
52W range

ETF.net Grade

PQV: Cost 91, Risk 65, Mission not scored, Tradability 1, Holdings not scored, Durability 18. ZALT: Cost 82, Risk 79, Mission 80, Tradability 65, Holdings 90, Durability 61.
Pillar letters and Scores for PQV, ZALT, with each pillar’s weight
PillarPQVZALT
Cost30% weightA91HigherA82
Mission25% weightNot scoredA80
Risk15% weightB65A79Higher
Tradability15% weightF1B65Higher
Holdings10% weightNot scoredA90
Durability5% weightF18B61Higher

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. PQV 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 PQV 57th 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 57CJUNCCorgi U.S. Equities 10% Structured Buffer ETF - June SeriesScore 40
  4. Rank 57CPQVPGIM S&P 500 Quarterly Buffer 5 ETFScore 40
  5. Rank 57CXIDEFT Vest U.S. Equity Buffer & Premium Income ETF - DecemberScore 40

Our read on each fund

ETF.net Research

PQVCPGIM S&P 500 Quarterly Buffer 5 ETF

ZALTAInnovator U.S. Equity 10 Buffer ETF - Quarterly

In short

PQV 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

PQV 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

PQV 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

PQV 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 PQV profile⁠

Full ZALT profile⁠

PQV 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.

PQV vs ZALT Cost

Overpaying ZALT vs PQV

$3,450

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

  • PQV 0.50%

    $9,979

  • ZALT 0.69%

    $13,429

$10,000
30 years

Cost over time

  • PQV 0.50%
  • 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$15K051015202530ZALT $13,429PQV $9,979

Year by year

YearPQVZALTOverpaying
10$900$1,232$332
20$3,460$4,697$1,237
30$9,979$13,429$3,450

Expense ratio

  • 0.50%PQV, cheaper
  • 0.69%ZALT
  • Middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

PQV 5th cheapest of 77 funds

ZALT 14th cheapest of 77 funds

PQV vs ZALT Dividends

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

Distribution history

PQVAll PQV payments⁠

No distribution history available.

ZALTAll ZALT payments⁠

No distribution history available.

PQV vs ZALT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
PQV No dataZALT 3.8%
Return per unit of riskSharpe ratio, 3 years
PQV No dataZALT 1.50
Worst fallMax drawdown, 5 years
PQV No dataZALT −8.2%since Oct 2023
Market sensitivityBeta, 5 years
PQV 0.00ZALT 0.29

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