ZALT
Innovator U.S. Equity 10 Buffer ETF - Quarterly
ZALT aims to participate in the price movement of the SPDR S&P 500 ETF up to a cap while buffering the first 10% decline. The fund resets its buffer and cap levels every three months. The actively managed fund holds FLEX options.
Risk Management
DERIVATIVES
Active
MANAGEMENT STYLE
548.4 M
ASSETS UNDER MGMT
69 bp
EXPENSES
Fund Basics
| Fund sponsor | Innovator |
| Category | Risk Management |
| Asset class | Derivatives |
| Website | link... |
| Inception date | Oct 02, 2023 |
| Assets (mns) | $548 |
| Expense ratio | 69 bp |
Fund Structure
| Regulation | |
| Distributions | |
| Taxation | 1099 |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top Holdings
| SPY 09/30/2025 1.53 C | 101.5 % |
| SPY 09/30/2025 617.84 P | 0.5 % |
| CASH & OTHER | 0.1 % |
| SPY 09/30/2025 556.07 P | -0.1 % |
| SPY 09/30/2025 639.89 C | -2.0 % |
Historical Performance
Standardized Performance (as of 08/29/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 6.0% | 9.2% | -- | -- | -- | -- | -- | 11.6% |
| Dividend Yield | 0.0% | 0.0% | -- | -- | -- | -- | -- | 0.0% |
| Total Returns | 6.0% | 9.2% | -- | -- | -- | -- | -- | 11.6% | Ann. Volatility | 10.1% | 8.7% | -- | -- | -- | -- | -- | 6.9% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.32 | 93% |
| MSCI EAFE | 0.11 | 11% |
| MSCI Emg Mkts | 0.01 | 0% |
Liquidity Measures
| Avg. volume (000) | 82 |
| ADV traded (mns) | $3 |
| Turnover | 0.5% |
| Avg. Bid/Ask (% of price) | 0.26% |
Technical Indicators
| Recent close | $31.56 |
| 30d moving avg. | $31.35 |
| Annualized volatility | 4.2% |
| Relative strength (RSI) | 67 |
| Short interest | 0.4% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Expense Analysis
| Peer Group | Active Risk Management Derivatives ETFs |
| # of ETFs | 109 |
| Avg. Expense Ratio | 85.0 bp |
| Std. Deviation | 17 bp |
| ZALT (69 bp) Percentile rank | 13 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| ZALT | 69.0 | 25.7 | 94.7 |
| Peer Avg. | 96.3 | 31.5 | 127.8 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .