XIDE vs ZALT

XIDECFT Vest U.S. Equity Buffer & Premium Income ETF - December

ZALTAInnovator U.S. Equity 10 Buffer ETF - Quarterly

In short

XIDE Most buffer funds swap upside for a cap. This one swaps it away entirely: it sells at-the-money calls on its S&P 500 reference fund, buffers the first 10% of that fund's losses, and pays the option premium out monthly.

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

XIDE The Fund seeks approximately 7.08% annualized income before fees and expenses while buffering the first 10% of losses of its underlying ETF during the December 22, 2025–December 18, 2026 outcome period.

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

• XIDE The deal is stated up front: no gains above the reference ETF's price on day one of the period, in exchange for a set income target and a buffer on its first 10% of losses.sec.gov
• Premium collected from the calls sits in short-term Treasuries, and the cash goes out monthly rather than piling up until the annual reset.ftportfolios.com
• Terms are re-struck every December for a fresh one-year period, so the income target is repriced to market conditions instead of frozen at the 2023 launch level.sec.gov

• 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

• XIDE At 0.85% a year it sits toward the pricier end of the buffer shelf; peers like BUFB (0.10%) and ZALT (0.69%) charge less for their own flavor of 10% protection.
• Outcomes are built for the full December-to-December period. Enter mid-period and your starting point differs, and below the buffer, losses track the reference ETF one for one.sec.gov
• A small fund that trades thinly, so spreads and fill quality matter more here than with the largest names in the buffer aisle.

• 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 XIDE profile⁠

Full ZALT profile⁠