SEPT vs ZALT

SEPTBAllianzIM U.S. Equity Buffer10 Sep ETF

ZALTAInnovator U.S. Equity 10 Buffer ETF - Quarterly

In short

SEPT The September link in AllianzIM's buffer chain: FLEX options on the SPDR S&P 500 ETF that absorb the first 10% of a year's losses in exchange for a capped upside, with terms reset every September 1. Priced below the buffer-fund median.

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

SEPT The actively managed ETF seeks to match the share-price return of the SPDR S&P 500 ETF Trust at the end of each one-year Outcome Period, subject to an upside Cap and a buffer against the first 10% of losses. It primarily uses FLEX Options referencing that ETF.

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

• SEPT Cheaper than the typical buffer fund at 0.74% a year against a 0.79% median for its shallow-buffer cohort, and it undercuts several rival dated buffers charging 0.79%.
• The deal is spelled out before you own it: a 10% buffer against losses in the reference ETF and a stated upside cap, both fixed for a one-year outcome period that restarts each September 1.
• Part of a full AllianzIM buffer lineup priced at the same 0.74%, including six-month siblings SIXZ, SIXD and SIXJ, so a September start date can be laddered with other reset calendars.
• Running since 2023 and rated among the stronger builds in a crowded 52-fund shallow-buffer field.

• 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

• SEPT Upside is capped, and both cap and buffer apply across the full outcome period. Buy mid-period and your actual protection and ceiling differ from the headline terms.
• It targets the share-price return of the SPDR S&P 500 ETF Trust, so index dividends are not passed along, and the fund has not been paying out income.
• A small, thinly traded fund next to the category's giants, so spreads can be wider and limit orders matter more.

• 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 SEPT profile⁠

Full ZALT profile⁠