Data as of .
SEPM vs ZALT: which one stands where?
As of Sep 21, 2026 ZALT can fall 2.9% before its buffer engages and SEPM 1.1%, and ZALT resets 352 days sooner.
These are two different products. SEPM is a floor fund, which caps how far a holder can fall. ZALT is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
They do not reset together. ZALT has 9 days of its period left and SEPM has 361, so the two are not the same bet on the same months.
Where each one stands today
ZALT resets first, on Sep 30, 2026, 9 days from now; SEPM runs to Sep 17, 2027, 361 days. SEPM can still gain 7.2% before its cap, ZALT 0.6%. A fall from here reaches SEPM’s buffer after 1.1% and ZALT’s after 2.9%. Both track SPY, so what separates them is where each is in its own period.
Every figure is ETFIQ’s own, from the issuer’s published outcome-period terms. A buffer ETF holds FLEX options on its reference index rather than shares, so there is no holdings overlap between two of them to report.
Performance, window by window
| Window | Total return | Gap to the reference | ||
|---|---|---|---|---|
| SEPM | ZALT | SEPM | ZALT | |
| 3 months | +1.8% | +2.0% | −0.4 pts | −0.3 pts |
| 6 months | +5.7% | +6.5% | −12.4 pts | −11.5 pts |
| 1 year | +6.4% | +8.5% | −10.2 pts | −8.1 pts |
| SEPM FT Vest U.S. Equity Max Buffer ETF - September Absorbs losses from 0.0% to 100.0% on SPY and caps the gain at 8.2%, over a period ending Sep 17, 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 Sep 30, 2026 | |
|---|---|---|
| Issuer | First Trust | Innovator |
| Reference index | SPY | SPY |
| Buffer | 0% to 100% | 10% |
| Outcome period | Sep 21, 2026 to Sep 17, 2027 | Jun 30, 2026 to Sep 30, 2026 |
| Days left | 361 | 9 |
| Starting cap | +8.2% | +3.6% |
| Can still gain | 7.2% | 0.6% |
| Fall before buffer | 1.1% | 2.9% |
| Protection left, index points | 100.0% of 100.0% | 10.0% of 10.0% |
| Index return this period | +1.6% | +3.6% |
| Fund return this period | +0.2% | +2.8% |
| State today | Open | At cap |
| Expense ratio | 0.85% | 0.69% |
| Net assets | $44m | $789m |
SEPM in plain words
From its price on Sep 21, 2026, the fund can gain about 7.2% 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 figure. In index terms, SPY can fall 1.6% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 361 days remained on Sep 21, 2026. On Sep 17, 2027 the period ends and a new cap is set.
ZALT in plain words
SPY had already risen past this fund's cap of +3.6% for the period on Sep 21, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 0.6% as the period runs out. The fund's price can fall 2.9% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 3.5% from today's level to the point where the buffer begins. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 9 days remained on Sep 21, 2026. On Sep 30, 2026 the period ends and a new cap is set.
Questions people ask
- Which has more room to gain, SEPM or ZALT?
- From their prices on Sep 21, 2026, SEPM can gain about 7.2% before its cap and ZALT about 0.6%, so SEPM has more room left this period.
- Which resets first, SEPM or ZALT?
- SEPM ends its outcome period on Sep 17, 2027 and ZALT on Sep 30, 2026. A new cap is set the day after each.
- Which is cheaper, SEPM or ZALT?
- SEPM charges 0.85% a year and ZALT charges 0.69%, so ZALT is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, SEPM against ZALT, data as of Sep 21, 2026. https://etfiq.com/compare/buffer/sepm-vs-zalt Free to use with attribution; the underlying files are at Open data.