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BALT vs PJAN: which one stands where?

As of Oct 1, 2026 PJAN can fall 8.0% before its buffer engages and BALT 0.0%. Innovator Defined Wealth Shield ETF - Quarterly and Innovator U.S. Equity Power Buffer ETF - Jan.

0.0%
BALT can fall this far before its buffer
8.0%
PJAN can fall this far before its buffer
2.4%
BALT can still gain
3.4%
PJAN 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.

PJANBetween buffer and cap
Between buffer and capPJAN: reference +11.8% since period start, fund +8.0%; buffer 0 to −15; cap +12.3%; Between buffer and cap.15 pts of buffer+11.8% gain captured−15.0% floor0% period start+12.3% capTODAY · SPY +11.8%Between buffer and capPJAN: reference +11.8% since period start, fund +8.0%; buffer 0 to −15; cap +12.3%; Between buffer and cap.15 pts+11.8%−15.0% floor0% start+12.3% capTODAY · SPY +11.8%

PJAN: reference +11.8% since period start, fund +8.0%; buffer 0 to −15; cap +12.3%; 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 →

Both are Innovator funds, so the difference between them is the terms rather than the house.

Where each one stands today

BALT resets first, on Dec 31, 2026, 92 days from now; PJAN runs to Dec 31, 2026, 92 days. BALT can still gain 2.4% before its cap, PJAN 3.4%. A fall from here reaches BALT’s buffer after 0.0% and PJAN’s after 8.0%. 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 returnGap to the reference
WindowBALTPJANBALTPJAN
3 months+2.0%+2.4%−0.6 pts−0.1 pts
6 months+4.3%+9.7%−12.7 pts−7.3 pts
1 year+6.5%+10.8%−9.2 pts−5.0 pts
3 years+25.7%+45.8%−59.3 pts−39.2 pts

BALT and PJAN 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
PJAN
Innovator U.S. Equity Power Buffer ETF - Jan · Absorbs the first 15% of loss on SPY and caps the gain at 12.3%, over a period ending Dec 31, 2026
Issuer Innovator Innovator
Reference index SPY SPY
Buffer 20% 15%
Outcome period Sep 30, 2026 to Dec 31, 2026 Dec 31, 2025 to Dec 31, 2026
Days left 92 92
Starting cap +2.4% +12.3%
Can still gain 2.4% 3.4%
Fall before buffer 0.0% 8.0%
Protection left, index points 20.0% of 20.0% 15.0% of 15.0%
Index return this period 0.0% +11.8%
Fund return this period 0.0% +8.0%
State today Open Open
Expense ratio 0.69% 0.79%
Net assets $3.0bn $1.4bn

BALT and PJAN 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.

PJAN in plain words

From its price on Oct 1, 2026, the fund can gain about 3.4% more before it reaches its cap. The fund's price can fall 8.0% 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. Protection left, in index points: 15.0% of the 15.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BALT or PJAN?
From their prices on Oct 1, 2026, BALT can gain about 2.4% before its cap and PJAN about 3.4%, so PJAN has more room left this period.
Which resets first, BALT or PJAN?
BALT ends its outcome period on Dec 31, 2026 and PJAN on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, BALT or PJAN?
BALT charges 0.69% a year and PJAN charges 0.79%, so BALT is cheaper. Fees come from each fund's prospectus.
Other comparisons
BALT vs PBJABALT vs PBOCBALT vs PMJABALT vs PMOCPJAN vs FJANPJAN vs FOCTPJAN vs GJANPJAN vs PDEC
SPY →BALT on its own →PJAN on its own →How every figure is computed →Standards and sources →
Where these figures came from
Innovator page for BALT ↗PJAN filings on SEC EDGAR ↗Innovator page for PJAN ↗

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

Open data

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