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STEN vs ZALT

iShares Large Cap 10% Target Buffer Sep ETF

STENBCboe

Innovator U.S. Equity 10 Buffer ETF - Quarterly

ZALTACboe

Overlap

Expense ratio

STEN −0.16pt a year

STEN0.53%ZALT0.69%

Avg volume · 30D

ZALT 10.3×the volume

STEN13.5KZALT138K

STEN vs ZALT Performance

Oct 31, 2025 – Oct 30, 2026

+11.8%STEN+7.1%ZALT

Oct 31, 2025 to Oct 30, 2026. STEN +11.8%. ZALT +7.1%. Use the arrow keys to read each point.−2.5%0%2.5%5%Oct 2025Apr 2026Oct 2026
Expense ratio
STEN 0.53%, better
ZALT 0.69%
Fund size
STEN $58M
ZALT $840M
1Y total return
STEN +11.8%, better
ZALT +7.1%
Holdings
STEN 4
ZALT 503
Avg volume (30D)
STEN 13.5K sh
ZALT 138K sh, better
NAV per share
STEN $28.26
ZALT $34.50
52W range

ETF.net Grade

STEN: Cost 86, Risk 40, Mission not scored, Tradability 38, Holdings 51, Durability 48. ZALT: Cost 82, Risk 79, Mission 80, Tradability 65, Holdings 90, Durability 61.
Pillar letters and Scores for STEN, ZALT, with each pillar’s weight
PillarSTENZALT
Cost30% weightA86HigherA82
Mission25% weightNot scoredA80
Risk15% weightC40A79Higher
Tradability15% weightD38B65Higher
Holdings10% weightC51A90Higher
Durability5% weightC48B61Higher

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. STEN 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 STEN 16th 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 16BFEBTAllianzIM U.S. Equity Buffer10 Feb ETFScore 59
  4. Rank 16BSTENiShares Large Cap 10% Target Buffer Sep ETFScore 59
  5. Rank 18BDECTAllianzIM U.S. Equity Buffer10 Dec ETFScore 58

Our read on each fund

ETF.net Research

STENBiShares Large Cap 10% Target Buffer Sep ETF

ZALTAInnovator U.S. Equity 10 Buffer ETF - Quarterly

In short

STEN 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

STEN 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

STEN 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

STEN 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 STEN profile⁠

Full ZALT profile⁠

STEN 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.

STEN vs ZALT Cost

Overpaying ZALT vs STEN

$2,893

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

  • STEN 0.53%

    $10,536

  • ZALT 0.69%

    $13,429

$10,000
30 years

Cost over time

  • STEN 0.53%
  • 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 $13,429STEN $10,536

Year by year

YearSTENZALTOverpaying
10$953$1,232$279
20$3,658$4,697$1,039
30$10,536$13,429$2,893

Expense ratio

  • 0.53%STEN, cheaper
  • 0.69%ZALT
  • Middle half of S&P 500 Buffer 9-12% funds
  • Median 0.79%

STEN 11th cheapest of 77 funds

ZALT 14th cheapest of 77 funds

STEN vs ZALT Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
STEN No data
ZALT None
Last payment
STEN $0.08
ZALT No data
Ex-dividend
STEN Dec 23, 2025
ZALT No data
Paid on
STEN Dec 29, 2025
ZALT No data
Frequency
STEN Irregular
ZALT No data

Distribution history

Per share, 2025 to 2026, same scale for both

STENIrregular · 1 paymentAll STEN payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 23, 2025 $0.08. Use the arrow keys to read each point.$0$0.052026YTD
ZALTAll ZALT payments⁠

No distribution history available.

STEN vs ZALT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
STEN 9.3%since Nov 2025ZALT 3.8%
Return per unit of riskSharpe ratio, 3 years
STEN 0.83since Nov 2025ZALT 1.50
Worst fallMax drawdown, 5 years
STEN −6.2%since Oct 2025ZALT −8.2%since Oct 2023
Market sensitivityBeta, 5 years
STEN 0.69ZALT 0.29

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