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PQX vs ZALT

PGIM S&P 500 Quarterly Buffer 10 ETF

PQXBCboe

Innovator U.S. Equity 10 Buffer ETF - Quarterly

ZALTACboe

Overlap

Expense ratio

PQX −0.19pt a year

PQX0.50%ZALT0.69%

Avg volume · 30D

ZALT 33.4×the volume

PQX4.13KZALT138K

PQX vs ZALT Performance

Jul 31, 2026 – Oct 30, 2026

+1.3%PQX+1.3%ZALT

Jul 31, 2026 to Oct 30, 2026. PQX +1.3%. ZALT +1.3%. Use the arrow keys to read each point.0%0.5%2%Jul 2026Sep 2026Oct 2026
Expense ratio
PQX 0.50%, better
ZALT 0.69%
Fund size
PQX $9M
ZALT $840M
1Y total return
PQX No data
ZALT +7.1%
Holdings
PQX 4
ZALT 503
Avg volume (30D)
PQX 4.13K sh
ZALT 138K sh, better
NAV per share
PQX $25.66
ZALT $34.50
52W range

ETF.net Grade

PQX: Cost 91, Risk 69, Mission not scored, Tradability 17, Holdings not scored, Durability 21. ZALT: Cost 82, Risk 79, Mission 80, Tradability 65, Holdings 90, Durability 61.
Pillar letters and Scores for PQX, ZALT, with each pillar’s weight
PillarPQXZALT
Cost30% weightA91HigherA82
Mission25% weightNot scoredA80
Risk15% weightB69A79Higher
Tradability15% weightF17B65Higher
Holdings10% weightNot scoredA90
Durability5% weightF21B61Higher

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. PQX 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 PQX 7th 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 7BJUNPPGIM S&P 500 Buffer 12 ETF - JuneScore 63
  4. Rank 7BPQXPGIM S&P 500 Quarterly Buffer 10 ETFScore 63
  5. Rank 7BTENDiShares Large Cap 10% Target Buffer Dec ETFScore 63

Our read on each fund

ETF.net Research

PQXBPGIM S&P 500 Quarterly Buffer 10 ETF

ZALTAInnovator U.S. Equity 10 Buffer ETF - Quarterly

In short

PQX 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

PQX 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

PQX 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

PQX 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 PQX profile⁠

Full ZALT profile⁠

PQX 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.

PQX vs ZALT Cost

Overpaying ZALT vs PQX

$3,450

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

  • PQX 0.50%

    $9,979

  • ZALT 0.69%

    $13,429

$10,000
30 years

Cost over time

  • PQX 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 $13,429PQX $9,979

Year by year

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

Expense ratio

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

PQX 5th cheapest of 77 funds

ZALT 14th cheapest of 77 funds

PQX vs ZALT Dividends

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

Distribution history

PQXAll PQX payments⁠

No distribution history available.

ZALTAll ZALT payments⁠

No distribution history available.

PQX vs ZALT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

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

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