Which has more room to gain, BALT or PBJA?

From their prices on Oct 1, 2026, BALT can gain about 2.4% before its cap and PBJA about 2.7%, 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.

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BALT vs PBJA: which one stands where?

As of Oct 1, 2026 PBJA can fall 7.0% before its buffer engages and BALT 0.0%. Innovator Defined Wealth Shield ETF - Quarterly and PGIM S&P 500 Buffer 20 ETF - January.

0.0%

BALT can fall this far before its buffer

7.0%

PBJA can fall this far before its buffer

2.4%

BALT can still gain

2.7%

PBJA can still gain

BALTBetween buffer and cap

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

PBJAAt its cap

PBJA: reference +11.8% since period start, fund +7.0%; buffer 0 to −20; cap +10.4%; At its cap.

ETFIQ Downside Cover Score · BALT scores higherIf the market falls into a bear market from here, how much does the buffer absorb?

BALT 99.8

PBJA 62.6

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 →

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, 92 days from now; PBJA runs to Dec 31, 2026, 92 days. BALT can still gain 2.4% before its cap, PBJA 2.7%. A fall from here reaches BALT’s buffer after 0.0% and PBJA’s after 7.0%. 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 return		Gap to the reference
Window	BALT	PBJA	BALT	PBJA
3 months	+2.0%	+2.3%	−0.6 pts	−0.2 pts
6 months	+4.3%	+8.1%	−12.7 pts	−8.9 pts
1 year	+6.5%	+9.7%	−9.2 pts	−6.0 pts
3 years	+25.7%	not published	−59.3 pts	not published

BALT and PBJA 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

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 92 92

Starting cap +2.4% +10.4%

Can still gain 2.4% 2.7%

Fall before buffer 0.0% 7.0%

Protection left, index points 20.0% of 20.0% 20.0% of 20.0%

Index return this period 0.0% +11.8%

Fund return this period 0.0% +7.0%

State today Open At cap

Expense ratio 0.69% 0.50%

Net assets $3.0bn $66m

BALT and PBJA 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.

PBJA in plain words

SPY had already risen past this fund's cap of +10.4% for the period on Oct 1, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 2.7% as the period runs out. The fund's price can fall 7.0% 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.

Questions people ask

Which has more room to gain, BALT or PBJA?: From their prices on Oct 1, 2026, BALT can gain about 2.4% before its cap and PBJA about 2.7%, 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 JANP BALT vs JANT BALT vs JANU BALT vs JANW PBJA vs QBSV PBJA vs SIXJ PBJA vs SQMX PBJA vs TJAN

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. 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 PBJA, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/balt-vs-pbja

Open data

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