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Data as of Nov 4, 2026.

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Buffer ETFs

OCTP vs ZALT: Cap, Buffer & Days Left

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As of Nov 4, 2026 OCTP can fall 1.1% before its buffer engages and ZALT 0.8%, and ZALT resets 273 days sooner.

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Net assets on Nov 4, 2026: $52m for PGIM S&P 500 Buffer 12 ETF - October and $845m for Innovator U.S. Equity 10 Buffer ETF - Quarterly.

OCTP on its own →ZALT on its own →
At a glance
1.1%
OCTP can fall this far before its buffer
0.8%
ZALT can fall this far before its buffer
15.1%
OCTP can still gain
2.8%
ZALT can still gain
OCTP Between buffer and cap
Between buffer and capOCTP: reference +0.6% since period start, fund +0.6%; buffer 0 to −12; cap +16.3%; Between buffer and cap. Data to Nov 4, 2026.12 pts of buffer+15.8% more to the cap−12.0% floor0% period start+16.3% cap+0.6% gain capturedTODAY · SPY +0.6%Between buffer and capOCTP: reference +0.6% since period start, fund +0.6%; buffer 0 to −12; cap +16.3%; Between buffer and cap. Data to Nov 4, 2026.12 pts+15.8% to cap−12.0% floor0% start+16.3% cap+0.6% gain capturedTODAY · SPY +0.6%

OCTP: reference +0.6% since period start, fund +0.6%; buffer 0 to −12; cap +16.3%; Between buffer and cap. Data to Nov 4, 2026.

OCTP: reference +0.6% since period start, fund +0.6%; buffer 0 to −12; cap +16.3%; Between buffer and cap. Data to Nov 4, 2026.
ZALT Between buffer and cap
Between buffer and capZALT: reference +0.5% since period start, fund +0.7%; buffer 0 to −10; cap +3.6%; Between buffer and cap. Data to Nov 4, 2026.10 pts of buffer−10.0% floor0% period start+3.6% cap+0.5% gain captured+3.1% more to the capTODAY · SPY +0.5%Between buffer and capZALT: reference +0.5% since period start, fund +0.7%; buffer 0 to −10; cap +3.6%; Between buffer and cap. Data to Nov 4, 2026.10 pts−10.0% floor0% start+3.6% cap+0.5% gain captured+3.1% more to the capTODAY · SPY +0.5%

ZALT: reference +0.5% since period start, fund +0.7%; buffer 0 to −10; cap +3.6%; Between buffer and cap. Data to Nov 4, 2026.

ZALT: reference +0.5% since period start, fund +0.7%; buffer 0 to −10; cap +3.6%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

OCTP costs 0.19 points a year less; their one-year returns differ by 4.9 points; ZALT is 16.3 times larger.

Points (pts) are percentage points.

OCTP vs ZALT: Cap, Buffer & Days Left
MeasureOCTPZALT
Return
Total return, 1 year+13.0%+8.1%
Drawdown
Index fall to the buffer0.5%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.50%0.69%
Net assets$52m$845m
Holdings
Holdings in commonnot published
ETFIQ Downside Cover Score · OCTP scores higher If the market falls into a bear market from here, how much does the buffer absorb?
IQ Buffer Score57.5OCTP38.7ZALT

How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed

0.3, the lowest in this set 99.7, the highest

Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it →

Method

Window by window

Window by window: OCTP vs ZALT: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowOCTPZALTOCTPZALT
3 months+2.4%+1.2%+2.8 pts+1.6 pts
6 months+6.2%+3.6%+1.7 pts−0.9 pts
1 year+13.0%+8.1%−0.6 pts−5.4 pts
3 years–+34.2%–−42.2 pts
Since launchNot the same days: OCTP May 2024 · ZALT Oct 2023+34.7%+35.9%−10.1 pts−43.6 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

OCTP PGIM S&P 500 Buffer 12 ETF - October · Absorbs the first 12% of loss on SPY and caps the gain at 16.3%, over a period ending Sep 30, 2027 ZALT Innovator U.S. Equity 10 Buffer ETF - Quarterly · Absorbs the first 10% of loss on SPY and caps the gain at 3.6%, over a period ending Dec 31, 2026
Issuer PGIM Innovator
Reference index SPY SPY
Buffer 12% 10%
Outcome period Oct 1, 2026 to Sep 30, 2027 Sep 30, 2026 to Dec 31, 2026
Days left 330 57
Starting cap +16.3% +3.6%
Can still gain 15.1% 2.8%
Fall before buffer 1.1% 0.8%
Protection left, index points 12.0% of 12.0% 10.0% of 10.0%
Index return this period +0.6% +0.5%
Fund return this period +0.6% +0.7%
State today Open Open
Expense ratio 0.50% 0.69%
Net assets $52m $845m

As of Nov 4, 2026. Source: ETFIQ.

They do not reset together. ZALT has 57 days of its period left and OCTP has 330, so the two are not the same bet on the same months.

Where each one stands today

ZALT resets first, on Dec 31, 2026, 57 days from now; OCTP runs to Sep 30, 2027, 330 days. OCTP can still gain 15.1% before its cap, ZALT 2.8%. A fall from here reaches OCTP’s buffer after 1.1% and ZALT’s after 0.8%. Both track SPY, so what separates them is where each is in its own period.

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About each fund
OCTP

From its price on Nov 4, 2026, the fund can gain about 15.1% more before it reaches its cap. The fund's price can fall 1.1% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.5% from today's level to the point where the buffer begins. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's SPY level. 330 days remained on Nov 4, 2026. On Sep 30, 2027 the period ends and a new cap is set.

ZALT

From its price on Nov 4, 2026, the fund can gain about 2.8% more before it reaches its cap. The fund's price can fall 0.8% from here before the buffer starts absorbing losses, by the issuer's number. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 57 days remained on Nov 4, 2026. On Dec 31, 2026 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, OCTP or ZALT?
From their prices on Nov 4, 2026, OCTP can gain about 15.1% before its cap and ZALT about 2.8%, so OCTP has more room left this period.
Which resets first, OCTP or ZALT?
OCTP ends its outcome period on Sep 30, 2027 and ZALT on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, OCTP or ZALT?
OCTP charges 0.50% a year and ZALT charges 0.69%, so OCTP is cheaper. Fees come from each fund's prospectus.
Other comparisons
OCTP vs POCTOCTP vs FSEPOCTP vs OCTWOCTP vs BALTZALT vs SQMXZALT vs JANTZALT vs JANPZALT vs XBOC
Where to next
SPDR S&P 500 ETF Trust →OCTP on its own →ZALT on its own →Method →Standards and sources →
Sources and dates
OCTP filings on SEC EDGAR ↗
PGIM website ↗
ZALT filings on SEC EDGAR ↗
Innovator page for ZALT ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.

Every number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, OCTP against ZALT, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/octp-vs-zalt

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.