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BALT vs PBJA: Cap, Buffer & Days Left

As of Oct 9, 2026 PBJA can fall 7.7% before its buffer engages and BALT 0.5%. Net assets on Oct 9, 2026: $3.1bn for Innovator Defined Wealth Shield ETF - Quarterly and $67m for PGIM S&P 500 Buffer 20 ETF - January.

PBJA costs 0.19 points a year less; their one-year returns differ by 3.3 points; BALT is far larger, $3.1bn against $67m.

Points (pts) are percentage points.

BALT vs PBJA: Cap, Buffer & Days Left
BALTPBJA
Expense ratio0.69%0.50%
Net assets$3.1bn$67m
Total return, 1 year+6.9%+10.2%
What it tracksSPYSPY
Holdings in commonnot published
Index fall to the buffer2.0%12.4%
0.5%
BALT can fall this far before its buffer
7.7%
PBJA can fall this far before its buffer
1.9%
BALT can still gain
2.0%
PBJA can still gain
BALTBetween buffer and cap
Between buffer and capBALT: reference +2.1% since period start, fund +0.5%; buffer 0 to −20; cap +2.4%; Between buffer and cap. Figures to Oct 9, 2026.20 pts of buffer−20.0% floor0% period start+2.4% cap+2.1% gain captured+0.3% more to the capTODAY · SPY +2.1%Between buffer and capBALT: reference +2.1% since period start, fund +0.5%; buffer 0 to −20; cap +2.4%; Between buffer and cap. Figures to Oct 9, 2026.20 pts of buffer−20.0% floor0% start+2.4% cap+2.1% gain captured+0.3% more to the capTODAY · SPY +2.1%

BALT: reference +2.1% since period start, fund +0.5%; buffer 0 to −20; cap +2.4%; Between buffer and cap. Figures to Oct 9, 2026.

BALT: reference +2.1% since period start, fund +0.5%; buffer 0 to −20; cap +2.4%; Between buffer and cap. Figures to Oct 9, 2026.

PBJAAt its cap
At its capPBJA: reference +14.2% since period start, fund +7.7%; buffer 0 to −20; cap +10.4%; At its cap. Figures to Oct 9, 2026.20 pts of buffer+10.4% gain captured−20.0% floor0% period start+10.4% capTODAY · SPY +14.2%At its capPBJA: reference +14.2% since period start, fund +7.7%; buffer 0 to −20; cap +10.4%; At its cap. Figures to Oct 9, 2026.20 pts of buffer+10.4%−20.0% floor0% start+10.4% capTODAY · SPY +14.2%

PBJA: reference +14.2% since period start, fund +7.7%; buffer 0 to −20; cap +10.4%; At its cap. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

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 292 buffer ETFs on stocks with a live outcome period. Today's position against one 20% fall; it ignores smaller falls, and stock buffers are never ranked against bond or commodity ones. All buffer ETFs ranked by it → How it is computed →

PBJA is already at its cap, so more rise in the index adds nothing to it before the period ends.

Where each one stands today

BALT resets first, on Dec 31, 2026, 83 days from now; PBJA runs to Dec 31, 2026, 83 days. BALT can still gain 1.9% before its cap, PBJA 2.0%. A fall from here reaches BALT’s buffer after 0.5% and PBJA’s after 7.7%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

Performance, window by window: BALT vs PBJA: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowBALTPBJABALTPBJA
3 months+2.0%+2.4%−1.1 pts−0.7 pts
6 months+4.1%+7.0%−10.5 pts−7.6 pts
1 year+6.9%+10.2%−9.1 pts−5.8 pts
3 years+25.7%not published−53.5 ptsnot published
Since launch
Not the same days: BALT Jul 2021 · PBJA Jan 2024
+36.5%+33.2%−44.4 pts−31.5 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. Source: ETFIQ. Open this comparison in the app →

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
PBJA
PGIM S&P 500 Buffer 20 ETF - January · Absorbs the first 20% of loss on SPY and caps the gain at 10.4%, over a period ending Dec 31, 2026
Issuer Innovator PGIM
Reference index SPY SPY
Buffer 20% 20%
Outcome period Sep 30, 2026 to Dec 31, 2026 Jan 1, 2026 to Dec 31, 2026
Days left 83 83
Starting cap +2.4% +10.4%
Can still gain 1.9% 2.0%
Fall before buffer 0.5% 7.7%
Protection left, index points 20.0% of 20.0% 20.0% of 20.0%
Index return this period +2.1% +14.2%
Fund return this period +0.5% +7.7%
State today Open At cap
Expense ratio 0.69% 0.50%
Net assets $3.1bn $67m

As of Oct 9, 2026. Source: ETFIQ.

About BALT

From its price on Oct 9, 2026, the fund can gain about 1.9% more before it reaches its cap. The fund's price can fall 0.5% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 2.0% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 83 days remained on Oct 9, 2026. On Dec 31, 2026 the period ends and a new cap is set.

About PBJA

SPY had already risen past this fund's cap of +10.4% for the period on Oct 9, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.0% as the period runs out. The fund's price can fall 7.7% from here before the buffer starts absorbing losses, by the issuer's figure. In index terms, SPY can fall 12.4% from today's level to the point where the buffer begins.

Questions people ask

Which has more room to gain, BALT or PBJA?
From their prices on Oct 9, 2026, BALT can gain about 1.9% before its cap and PBJA about 2.0%, so PBJA has more room left this period.
Which resets first, BALT or PBJA?
BALT ends its outcome period on Dec 31, 2026 and PBJA on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, BALT or PBJA?
BALT charges 0.69% a year and PBJA charges 0.50%, so PBJA is cheaper. Fees come from each fund's prospectus.
Other comparisons
BALT vs DDTOBALT vs TJANBALT vs CPSYBALT vs QBSVPBJA vs PJANPBJA vs FDECPBJA vs ZALTPBJA vs DDEC
SPY →BALT on its own →PBJA on its own →How every figure is computed →Standards and sources →
Where these figures came from
Innovator page for BALT ↗PBJA filings on SEC EDGAR ↗PGIM website ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

ETFIQ calculates every figure 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 figure is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, BALT against PBJA, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/balt-vs-pbja

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.