At a glance
EALT charges 0.69% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $167.7M in assets, the 8th largest of that group. Over the past year it returned +4.3% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +13.8% a year.
The short version
Innovator U.S. Equity 5 to 15 Buffer ETF - Quarterly (EALT) holds an S&P 500 ETF plus options that reset every three months. Each quarter it aims to absorb S&P 500 losses between 5% and 15%, and in exchange it caps gains; the cap was 5.75% before fees for January to March 2026. Its 0.69% fee is the lowest of eight buffer funds compared here. It also had the weakest one- and three-year returns of the group as of October 27, 2026.
Price history
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EALT +4.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| EALT official prospectus, to Dec 31, 2024 | — | +9.49% | — | — | — | +15.33% |
| EALT price data to Oct 27, 2026 | +4.1% | +4.3% | +13.8% | — | — | +12.5% |
- Over the year to Oct 27, 2026, EALT returned +4.3%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+9.4%); its best was 2024 (+18.0%).
- The deepest fall in its price history was 14.8% (Feb 19, 2025 to Apr 8, 2025), recovered by Aug 12, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.1% | — |
| 2025 | +9.4% | +9.49% |
| 2024 | +18.0% | +18.13% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jul 31, 2026, the fund held 1 securities; the ten largest made up 99.42% of assets.
| Fund held | Weight | |
|---|---|---|
| Vanguard S&P 500 ETF | 99.42% |
By country
United States 99.42%By asset type
Stocks 99.42%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $892K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.24%, +0.47%, +0.17%.
How it works
EALT is a fund of funds that uses a defined-outcome strategy, meaning results are set in advance for a fixed stretch of time. The stretch here is a three-month outcome period. The fund puts at least 80% of its assets into investments tied to an ETF that tracks the S&P 500. The prospectus names the SPDR S&P 500 ETF Trust as that ETF. The holdings report as of July 31, 2026, showed 99.4% in the Vanguard S&P 500 ETF (VOO), plus five FLEX options on VOO. FLEX options are exchange-listed options whose strike prices and expiration dates can be customized.
For January 1 to March 31, 2026, gains were capped at 5.75%, or 5.57% after the 0.69% fee. Shareholders take the first 5% of any loss, the fund seeks to absorb the next 10 percentage points, and shareholders take all losses beyond 15%. In the prospectus examples, a 20% drop in the underlying ETF means a 10% fund loss, and a 50% drop means a 40% loss.
When a quarter ends, the options expire. The fund collects their cash value, opens new options about three months out, and sets a new cap. These outcomes apply only to people who hold for the whole period. Investors who come in partway through, or leave early, can see very different results.
What it really costs
- EALT charges 0.69% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $70 in the first year and $859 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EALT | $70 | $221 | $384 | $859 |
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It aims to soften moderate S&P 500 losses each quarter, and in exchange it gives up gains above a cap.
EALT could give the stock part of a portfolio a smoother ride. Its one-year beta, a measure of how much it moves with the market, was 0.57 as of October 27, 2026. It has only about three years of history, so it was not around for the 2008, 2020 or 2022 downturns. Its weakest calendar year was 2025, and it still gained 9.49% that year. Its deepest drop was 14.8%, from February 19 to April 8, 2025. It recovered by August 12, 2025, about four months later. That drop was deeper than the buffer might suggest, because holders take the first 5% of losses each quarter and prices move within each period. Anyone who needs to draw money in a bad stretch could still face real losses. It paid no distributions, so it provides no income. The SEC's standard example puts costs at $70 for the first year on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure with a quarterly buffer against losses between 5% and 15%, at 0.69% versus a 0.86% peer average.
- Holders who are willing to give up gains above a quarterly cap, which was 5.75% before fees for January through March 2026.
- People who like a short three-month outcome period, so the cap and buffer reset often after the market moves.
Look elsewhere if
- Investors who need income: the fund has no recorded distributions.
- Those looking for crash protection: shareholders take the first 5% of each quarter's losses and everything beyond 15%.
- Investors focused on growth: it ranked last of eight buffer funds on one- and three-year returns as of October 27, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| EALT this fund | 0.69% | $167.7M | +4.3% | +13.8% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
How does the EALT buffer work?
EALT uses FLEX options on an S&P 500 ETF to protect against losses between 5% and 15% in each three-month period. Shareholders take the first 5% of any loss and all losses beyond 15%. If the underlying ETF falls 20% in a quarter, the fund aims to lose 10% before fees. In exchange, gains are capped. The cap was 5.75% before fees, or 5.57% after fees, for January 1 to March 31, 2026.
What does EALT actually hold?
EALT holds an S&P 500 ETF plus options on it. The prospectus filed February 27, 2026, names the SPDR S&P 500 ETF Trust as the underlying ETF. The holdings report as of July 31, 2026, showed 99.4% in the Vanguard S&P 500 ETF (VOO), five FLEX options on VOO, and about 0.1% cash. Both ETFs track the S&P 500. Net assets were about $167.7 million on that date.
Does EALT pay dividends?
No. The fund has no recorded distributions, so it provides no regular income. Its return comes from changes in its share price, which depend on the S&P 500 ETF it holds and the value of its options. Investors who want steady cash payouts from a holding would need to look at funds built to pay income, or draw on other parts of their portfolio.
What happens if I invest in EALT in the middle of a quarter?
You may not get the stated buffer or cap. The prospectus says the outcomes apply only to shareholders who hold from the first day of an outcome period to the last. Someone who joins partway through starts from a different price, so the protection and room for gains left may be larger or smaller. Innovator posts updated figures daily at innovatoretfs.com/ealt. A new cap is set every three months.
EALT vs BUFR: what's the difference?
Both are buffer ETFs tied to U.S. stocks, but they differ in cost, size and results. EALT charges 0.69% a year and resets on a single quarterly schedule. BUFR, the FT Vest Laddered Buffer ETF, charges 0.95% and uses a laddered approach. BUFR is far larger, with about $10.5 billion in net assets as of August 31, 2026. As of October 27, 2026, BUFR returned 11.6% over one year and 16.8% a year over three years. EALT returned 4.3% and 13.8%.