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Data as of Nov 4, 2026.

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Buffer ETFs

PQXX vs ZALT: Cap, Buffer & Days Left

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As of Nov 4, 2026 ZALT can fall 0.8% before its buffer engages and PQXX 0.6%.

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Net assets on Nov 4, 2026: $3.6m for PGIM S&P 500 Quarterly Buffer 20 ETF and $845m for Innovator U.S. Equity 10 Buffer ETF - Quarterly.

PQXX on its own →ZALT on its own →
At a glance
0.6%
PQXX can fall this far before its buffer
0.8%
ZALT can fall this far before its buffer
1.9%
PQXX can still gain
2.8%
ZALT can still gain
PQXX Between buffer and cap
Between buffer and capPQXX: reference +0.6% since period start, fund +0.5%; buffer 0 to −20; cap +2.5%; Between buffer and cap. Data to Nov 4, 2026.20 pts of buffer−20.0% floor0% period start+2.5% cap+0.6% gain captured+2% more to the capTODAY · SPY +0.6%Between buffer and capPQXX: reference +0.6% since period start, fund +0.5%; buffer 0 to −20; cap +2.5%; Between buffer and cap. Data to Nov 4, 2026.20 pts of buffer−20.0% floor0% start+2.5% cap+0.6% gain captured+2% more to the capTODAY · SPY +0.6%

PQXX: reference +0.6% since period start, fund +0.5%; buffer 0 to −20; cap +2.5%; Between buffer and cap. Data to Nov 4, 2026.

PQXX: reference +0.6% since period start, fund +0.5%; buffer 0 to −20; cap +2.5%; 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

PQXX costs 0.19 points a year less; ZALT is far larger, $845m against $3.6m.

Points (pts) are percentage points.

PQXX vs ZALT: Cap, Buffer & Days Left
MeasurePQXXZALT
Return
Total return, 1 yearnot published+8.1%
Drawdown
Index fall to the buffer0.5%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.50%0.69%
Net assets$3.6m$845m
Holdings
Holdings in commonnot published
ETFIQ Downside Cover Score · PQXX scores higher If the market falls into a bear market from here, how much does the buffer absorb?
IQ Buffer Score98.8PQXX38.7ZALT

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: PQXX vs ZALT: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowPQXXZALTPQXXZALT
3 months+1.4%+1.2%+1.7 pts+1.6 pts
6 months–+3.6%–−0.9 pts
1 year–+8.1%–−5.4 pts
3 years–+34.2%–−42.2 pts
Since launchNot the same days: PQXX Jul 2026 · ZALT Oct 2023+2.4%+35.9%−0.4 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

PQXX PGIM S&P 500 Quarterly Buffer 20 ETF · Absorbs the first 20% of loss on SPY and caps the gain at 2.5%, over a period ending Dec 31, 2026 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 20% 10%
Outcome period Oct 1, 2026 to Dec 31, 2026 Sep 30, 2026 to Dec 31, 2026
Days left 57 57
Starting cap +2.5% +3.6%
Can still gain 1.9% 2.8%
Fall before buffer 0.6% 0.8%
Protection left, index points 20.0% of 20.0% 10.0% of 10.0%
Index return this period +0.6% +0.5%
Fund return this period +0.5% +0.7%
State today Open Open
Expense ratio 0.50% 0.69%
Net assets $3.6m $845m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

PQXX resets first, on Dec 31, 2026, 57 days from now; ZALT runs to Dec 31, 2026, 57 days. PQXX can still gain 1.9% before its cap, ZALT 2.8%. A fall from here reaches PQXX’s buffer after 0.6% 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
PQXX

From its price on Nov 4, 2026, the fund can gain about 1.9% more before it reaches its cap. The fund's price can fall 0.6% 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: 20.0% of the 20.0% 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.

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.

Questions people ask

Which has more room to gain, PQXX or ZALT?
From their prices on Nov 4, 2026, PQXX can gain about 1.9% before its cap and ZALT about 2.8%, so ZALT has more room left this period.
Which resets first, PQXX or ZALT?
PQXX ends its outcome period on Dec 31, 2026 and ZALT on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, PQXX or ZALT?
PQXX charges 0.50% a year and ZALT charges 0.69%, so PQXX is cheaper. Fees come from each fund's prospectus.
Other comparisons
PQXX vs FDECPQXX vs FSEPPQXX vs OCTWPQXX vs DDECZALT vs APOCZALT vs DDSQZALT vs SIXOZALT vs DDFO
Where to next
SPDR S&P 500 ETF Trust →PQXX on its own →ZALT on its own →Method →Standards and sources →
Sources and dates
PQXX 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.

Cite this pageCitation, APA and Markdown

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

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