ETFIQ
RankingsCompareHoldingsResearch
My portfolioWeekly note
A
vs
B
Share on XDownload as PDFOpen live

SQMX vs ZALT: which one stands where?

As of Oct 1, 2026 SQMX can fall 0.4% before its buffer engages and ZALT 0.0%, and SQMX resets 13 days sooner. FT Vest U.S. Equity Quarterly Max Buffer ETF and Innovator U.S. Equity 10 Buffer ETF - Quarterly.

0.4%
SQMX can fall this far before its buffer
0.0%
ZALT can fall this far before its buffer
2.6%
SQMX can still gain
3.6%
ZALT can still gain
SQMXBetween buffer and cap
Between buffer and capSQMX: reference +0.1% since period start, fund +0.2%; buffer 0 to −12; cap +3.0%; Between buffer and cap.12.5 pts of buffer+2.9% to cap−12.5% floor0% period start+3.0% capTODAY · SPY +0.1%Between buffer and capSQMX: reference +0.1% since period start, fund +0.2%; buffer 0 to −12; cap +3.0%; Between buffer and cap.12.5 pts of buffer−12.5% floor0% start+3.0% capTODAY · SPY +0.1%

SQMX: reference +0.1% since period start, fund +0.2%; buffer 0 to −12; cap +3.0%; Between buffer and cap.

ZALTBetween buffer and cap
Between buffer and capZALT: reference 0.0% since period start, fund 0.0%; buffer 0 to −10; cap +3.6%; Between buffer and cap.10 pts of buffer+3.6% to cap−10.0% floor0% period start+3.6% capTODAY · SPY 0.0%Between buffer and capZALT: reference 0.0% since period start, fund 0.0%; buffer 0 to −10; cap +3.6%; Between buffer and cap.10 pts of buffer−10.0% floor0% start+3.6% capTODAY · SPY 0.0%

ZALT: reference 0.0% since period start, fund 0.0%; buffer 0 to −10; cap +3.6%; Between buffer and cap.

ETFIQ Downside Cover Score · SQMX scores higherIf the market falls into a bear market from here, how much does the buffer absorb?
0.2, the lowest in this set99.8, the highest

A percentile among the 293 buffer ETFs with a live outcome period. It is a position in a set, not a rating, and neither end of it is a recommendation. All buffer ETFs ranked by it → How it is computed →

Where each one stands today

SQMX resets first, on Dec 18, 2026, 79 days from now; ZALT runs to Dec 31, 2026, 92 days. SQMX can still gain 2.6% before its cap, ZALT 3.6%. A fall from here reaches SQMX’s buffer after 0.4% and ZALT’s after 0.0%. 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

Total returnGap to the reference
WindowSQMXZALTSQMXZALT
3 months+1.9%+2.0%−0.6 pts−0.5 pts
6 months+4.5%+5.9%−12.5 pts−11.1 pts
1 year+7.0%+8.3%−8.7 pts−7.4 pts

SQMX and ZALT over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

SQMX
FT Vest U.S. Equity Quarterly Max Buffer ETF · Absorbs the first 12% of loss on SPY and caps the gain at 3.0%, over a period ending Dec 18, 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 First Trust Innovator
Reference index SPY SPY
Buffer 12% 10%
Outcome period Sep 21, 2026 to Dec 18, 2026 Sep 30, 2026 to Dec 31, 2026
Days left 79 92
Starting cap +3.0% +3.6%
Can still gain 2.6% 3.6%
Fall before buffer 0.4% 0.0%
Protection left, index points 12.5% of 12.5% 10.0% of 10.0%
Index return this period +0.1% 0.0%
Fund return this period +0.2% 0.0%
State today Open Open
Expense ratio 0.85% 0.69%
Net assets $57m $795m

SQMX and ZALT on the same fields, as of Oct 1, 2026. Source: ETFIQ.

SQMX in plain words

From its price on Oct 1, 2026, the fund can gain about 2.6% more before it reaches its cap. The fund's price can fall 0.4% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 0.1% from today's level to the point where the buffer begins. Protection left, in index points: 12.5% of the 12.5% buffer still sits below today's SPY level. 79 days remained on Oct 1, 2026. On Dec 18, 2026 the period ends and a new cap is set.

ZALT in plain words

From its price on Oct 1, 2026, the fund can gain about 3.6% more before it reaches its cap. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level. 92 days remained on Oct 1, 2026. On Dec 31, 2026 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, SQMX or ZALT?
From their prices on Oct 1, 2026, SQMX can gain about 2.6% before its cap and ZALT about 3.6%, so ZALT has more room left this period.
Which resets first, SQMX or ZALT?
SQMX ends its outcome period on Dec 18, 2026 and ZALT on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, SQMX or ZALT?
SQMX charges 0.85% a year and ZALT charges 0.69%, so ZALT is cheaper. Fees come from each fund's prospectus.
Other comparisons
SQMX vs FDECSQMX vs FLJJSQMX vs GDECSQMX vs JAJLZALT vs OCTUZALT vs OCTWZALT vs PBOCZALT vs PMOC
State Street® SPDR® S&P 500® ETF Trust →SQMX on its own →ZALT on its own →How every figure is computed →Standards and sources →
Where these figures came from
SQMX filings on SEC EDGAR ↗First Trust page for SQMX ↗ZALT filings on SEC EDGAR ↗Innovator page for ZALT ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, SQMX against ZALT, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/sqmx-vs-zalt

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.