Data as of Nov 4, 2026.
XSEP vs ZALT: Cap, Buffer & Days Left
As of Nov 4, 2026 XSEP can fall 1.7% before its buffer engages and ZALT 0.8%, and ZALT resets 260 days sooner.
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Net assets: $99m on Nov 3, 2026 for FT Vest U.S. Equity Enhance & Moderate Buffer ETF - September, and $845m on Nov 4, 2026 for Innovator U.S. Equity 10 Buffer ETF - Quarterly.
XSEP: reference +0.7% since period start, fund +0.9%; buffer 0 to −15; cap +11.2%; Between buffer and cap. Data to Nov 4, 2026.
XSEP: reference +0.7% since period start, fund +0.9%; buffer 0 to −15; cap +11.2%; 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.
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
ZALT costs 0.16 points a year less; their one-year returns differ by 1.2 points; ZALT is 8.5 times larger.
Points (pts) are percentage points.
| Measure | XSEP | ZALT |
|---|---|---|
| Return | ||
| Total return, 1 year | +9.3% | +8.1% |
| Drawdown | ||
| Index fall to the buffer | 0.6% | 0.5% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.85% | 0.69% |
| Net assets, as of Nov 3, 2026 | $99m | $840m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | XSEP | ZALT | XSEP | ZALT |
| 3 months | +1.6% | +1.2% | +1.9 pts | +1.6 pts |
| 6 months | +4.1% | +3.6% | −0.4 pts | −0.9 pts |
| 1 year | +9.3% | +8.1% | −4.3 pts | −5.4 pts |
| 3 years | +32.5% | +34.2% | −44.0 pts | −42.2 pts |
| Since launchNot the same days: XSEP Sep 2022 · ZALT Oct 2023 | +51.6% | +35.9% | −53.3 pts | −43.6 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. ZALT is a floor fund, which caps how far a holder can fall. XSEP 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 57 days of its period left and XSEP has 317, 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; XSEP runs to Sep 17, 2027, 317 days. XSEP can still gain 9.4% before its cap, ZALT 2.8%. A fall from here reaches XSEP’s buffer after 1.7% and ZALT’s after 0.8%. Both track SPY, so what separates them is where each is in its own period.
XSEP
From its price on Nov 4, 2026, the fund can gain about 9.4% more before it reaches its cap. The fund's price can fall 1.7% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.6% from today's level to the point where the buffer begins. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level. 317 days remained on Nov 4, 2026. On Sep 17, 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. In index terms, SPY can fall 0.5% 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. 57 days remained on Nov 4, 2026. On Dec 31, 2026 the period ends and a new cap is set.
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
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, XSEP against ZALT, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/xsep-vs-zalt
ETFIQ. (Nov 4, 2026). XSEP against ZALT. Retrieved from https://etfiq.com/compare/buffer/xsep-vs-zalt
[XSEP against ZALT (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/xsep-vs-zalt)
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