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Data as of Nov 4, 2026.

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Buffer ETFs

BALT vs PBOC: Cap, Buffer & Days Left

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As of Nov 4, 2026 PBOC can fall 1.2% before its buffer engages and BALT 0.6%, and BALT resets 273 days sooner.

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Net assets on Nov 4, 2026: $3.3bn for Innovator Defined Wealth Shield ETF - Quarterly and $64m for PGIM S&P 500 Buffer 20 ETF - October .

BALT on its own →PBOC on its own →
At a glance
0.6%
BALT can fall this far before its buffer
1.2%
PBOC can fall this far before its buffer
1.8%
BALT can still gain
11.6%
PBOC can still gain
BALT Between buffer and cap
Between buffer and capBALT: reference +0.5% since period start, fund +0.6%; buffer 0 to −20; cap +2.4%; Between buffer and cap. Data to Nov 4, 2026.20 pts of buffer−20.0% floor0% period start+2.4% cap+0.5% gain captured+1.9% more to the capTODAY · SPY +0.5%Between buffer and capBALT: reference +0.5% since period start, fund +0.6%; buffer 0 to −20; cap +2.4%; Between buffer and cap. Data to Nov 4, 2026.20 pts of buffer−20.0% floor0% start+2.4% cap+0.5% gain captured+1.9% more to the capTODAY · SPY +0.5%

BALT: reference +0.5% since period start, fund +0.6%; buffer 0 to −20; cap +2.4%; Between buffer and cap. Data to Nov 4, 2026.

BALT: reference +0.5% since period start, fund +0.6%; buffer 0 to −20; cap +2.4%; Between buffer and cap. Data to Nov 4, 2026.
PBOC Between buffer and cap
Between buffer and capPBOC: reference +0.6% since period start, fund +0.7%; buffer 0 to −20; cap +12.8%; Between buffer and cap. Data to Nov 4, 2026.20 pts of buffer+12.3% more to the cap−20.0% floor0% period start+12.8% cap+0.6% gain capturedTODAY · SPY +0.6%Between buffer and capPBOC: reference +0.6% since period start, fund +0.7%; buffer 0 to −20; cap +12.8%; Between buffer and cap. Data to Nov 4, 2026.20 pts of buffer−20.0% floor0% start+12.8% cap+0.6% gain captured+12.3% more to the capTODAY · SPY +0.6%

PBOC: reference +0.6% since period start, fund +0.7%; buffer 0 to −20; cap +12.8%; Between buffer and cap. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

PBOC costs 0.19 points a year less; their one-year returns differ by 3.6 points; BALT is far larger, $3.3bn against $64m.

Points (pts) are percentage points.

BALT vs PBOC: Cap, Buffer & Days Left
MeasureBALTPBOC
Return
Total return, 1 year+6.4%+10.0%
Drawdown
Index fall to the buffer0.5%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.69%0.50%
Net assets$3.3bn$64m
Holdings
Holdings in commonnot published
ETFIQ Downside Cover Score · BALT scores higher If the market falls into a bear market from here, how much does the buffer absorb?
IQ Buffer Score99.1BALT98.1PBOC

How much of a bear-market fall the buffer would absorb from today's level, ranked against 292 buffer ETFs on stocks with a live outcome period. 100 is best. How it is computed

0.3, the lowest in this set 99.7, the highest

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 →

Method

Window by window

Window by window: BALT vs PBOC: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowBALTPBOCBALTPBOC
3 months+1.3%+1.9%+1.7 pts+2.3 pts
6 months+3.2%+4.7%−1.3 pts+0.2 pts
1 year+6.4%+10.0%−7.1 pts−3.5 pts
3 years+25.4%–−51.0 pts–
Since launchNot the same days: BALT Jul 2021 · PBOC May 2024+36.5%+26.4%−41.7 pts−18.4 pts

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →

Side by side

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 PBOC PGIM S&P 500 Buffer 20 ETF - October · Absorbs the first 20% of loss on SPY and caps the gain at 12.8%, over a period ending Sep 30, 2027
Issuer Innovator PGIM
Reference index SPY SPY
Buffer 20% 20%
Outcome period Sep 30, 2026 to Dec 31, 2026 Oct 1, 2026 to Sep 30, 2027
Days left 57 330
Starting cap +2.4% +12.8%
Can still gain 1.8% 11.6%
Fall before buffer 0.6% 1.2%
Protection left, index points 20.0% of 20.0% 20.0% of 20.0%
Index return this period +0.5% +0.6%
Fund return this period +0.6% +0.7%
State today Open Open
Expense ratio 0.69% 0.50%
Net assets $3.3bn $64m

As of Nov 4, 2026. Source: ETFIQ.

They do not reset together. BALT has 57 days of its period left and PBOC has 330, so the two are not the same bet on the same months.

Where each one stands today

BALT resets first, on Dec 31, 2026, 57 days from now; PBOC runs to Sep 30, 2027, 330 days. BALT can still gain 1.8% before its cap, PBOC 11.6%. A fall from here reaches BALT’s buffer after 0.6% and PBOC’s after 1.2%. Both track SPY, so what separates them is where each is in its own period.

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About each fund
BALT

From its price on Nov 4, 2026, the fund can gain about 1.8% more before it reaches its cap. The fund's price can fall 0.6% 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: 20.0% of the 20.0% 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.

PBOC

From its price on Nov 4, 2026, the fund can gain about 11.6% more before it reaches its cap. The fund's price can fall 1.2% from here before the buffer starts absorbing losses, by the issuer's number. 330 days remained on Nov 4, 2026. On Sep 30, 2027 the period ends and a new cap is set.

Questions people ask

Which has more room to gain, BALT or PBOC?
From their prices on Nov 4, 2026, BALT can gain about 1.8% before its cap and PBOC about 11.6%, so PBOC has more room left this period.
Which resets first, BALT or PBOC?
BALT ends its outcome period on Dec 31, 2026 and PBOC on Sep 30, 2027. A new cap is set the day after each.
Which is cheaper, BALT or PBOC?
BALT charges 0.69% a year and PBOC charges 0.50%, so PBOC is cheaper. Fees come from each fund's prospectus.
Other comparisons
BALT vs AIOOBALT vs OCTUBALT vs PBJABALT vs QBSFPBOC vs FSEPPBOC vs DSEPPBOC vs GSEPPBOC vs BOCT
Where to next
SPY →BALT on its own →PBOC on its own →Method →Standards and sources →
Sources and dates
Innovator page for BALT ↗
PBOC filings on SEC EDGAR ↗
PGIM website ↗

Links are sources, not endorsements. 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 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.

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ETFIQ, BALT against PBOC, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/balt-vs-pboc

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