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BALT vs JANP: which one stands where?

As of Oct 1, 2026 JANP can fall 8.8% before its buffer engages and BALT 0.0%. Innovator Defined Wealth Shield ETF - Quarterly and PGIM S&P 500 Buffer 12 ETF - January.

0.0%
BALT can fall this far before its buffer
8.8%
JANP can fall this far before its buffer
2.4%
BALT can still gain
4.0%
JANP can still gain
BALTBetween buffer and cap
Between buffer and capBALT: reference 0.0% since period start, fund 0.0%; buffer 0 to −20; cap +2.4%; Between buffer and cap.20 pts of buffer−20.0% floor0% period start+2.4% capTODAY · SPY 0.0%Between buffer and capBALT: reference 0.0% since period start, fund 0.0%; buffer 0 to −20; cap +2.4%; Between buffer and cap.20 pts of buffer−20.0% floor0% start+2.4% capTODAY · SPY 0.0%

BALT: reference 0.0% since period start, fund 0.0%; buffer 0 to −20; cap +2.4%; Between buffer and cap.

JANPBetween buffer and cap
Between buffer and capJANP: reference +11.8% since period start, fund +9.1%; buffer 0 to −12; cap +13.9%; Between buffer and cap.12 pts of buffer+11.8% gain captured−12.0% floor0% period start+13.9% capTODAY · SPY +11.8%Between buffer and capJANP: reference +11.8% since period start, fund +9.1%; buffer 0 to −12; cap +13.9%; Between buffer and cap.12 pts+11.8%−12.0% floor0% start+13.9% capTODAY · SPY +11.8%

JANP: reference +11.8% since period start, fund +9.1%; buffer 0 to −12; cap +13.9%; Between buffer and cap.

ETFIQ Downside Cover Score · BALT 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

BALT resets first, on Dec 31, 2026, 92 days from now; JANP runs to Dec 31, 2026, 92 days. BALT can still gain 2.4% before its cap, JANP 4.0%. A fall from here reaches BALT’s buffer after 0.0% and JANP’s after 8.8%. 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
WindowBALTJANPBALTJANP
3 months+2.0%+2.9%−0.6 pts+0.3 pts
6 months+4.3%+11.3%−12.7 pts−5.7 pts
1 year+6.5%+12.7%−9.2 pts−3.0 pts
3 years+25.7%not published−59.3 ptsnot published

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

On the same fields

BALT
Innovator Defined Wealth Shield ETF - Quarterly · Absorbs the first 20% of loss on SPY and caps the gain at 2.4%, over a period ending Dec 31, 2026
JANP
PGIM S&P 500 Buffer 12 ETF - January · Absorbs the first 12% of loss on SPY and caps the gain at 13.9%, over a period ending Dec 31, 2026
Issuer Innovator PGIM
Reference index SPY SPY
Buffer 20% 12%
Outcome period Sep 30, 2026 to Dec 31, 2026 Jan 1, 2026 to Dec 31, 2026
Days left 92 92
Starting cap +2.4% +13.9%
Can still gain 2.4% 4.0%
Fall before buffer 0.0% 8.8%
Protection left, index points 20.0% of 20.0% 12.0% of 12.0%
Index return this period 0.0% +11.8%
Fund return this period 0.0% +9.1%
State today Open Open
Expense ratio 0.69% 0.50%
Net assets $3.0bn $52m

BALT and JANP on the same fields, as of Oct 1, 2026. Source: ETFIQ.

BALT in plain words

From its price on Oct 1, 2026, the fund can gain about 2.4% more before it reaches its cap. Protection left, in index points: 20.0% of the 20.0% 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.

JANP in plain words

From its price on Oct 1, 2026, the fund can gain about 4.0% more before it reaches its cap. The fund's price can fall 8.8% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 10.6% from today's level to the point where the buffer begins. Protection left, in index points: 12.0% of the 12.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BALT or JANP?
From their prices on Oct 1, 2026, BALT can gain about 2.4% before its cap and JANP about 4.0%, so JANP has more room left this period.
Which resets first, BALT or JANP?
BALT ends its outcome period on Dec 31, 2026 and JANP on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, BALT or JANP?
BALT charges 0.69% a year and JANP charges 0.50%, so JANP is cheaper. Fees come from each fund's prospectus.
Other comparisons
BALT vs SQMXBALT vs TJANBALT vs TOCTBALT vs UJANJANP vs PQXJANP vs PQXVJANP vs PQXXJANP vs QBSF
SPY →BALT on its own →JANP on its own →How every figure is computed →Standards and sources →
Where these figures came from
Innovator page for BALT ↗JANP filings on SEC EDGAR ↗PGIM website ↗

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, BALT against JANP, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/balt-vs-janp

Open data

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