Which has more room to gain, BALT or PMJA?

From their prices on Oct 1, 2026, BALT can gain about 2.4% before its cap and PMJA about 1.9%, so BALT has more room left this period.

Which resets first, BALT or PMJA?

BALT ends its outcome period on Dec 31, 2026 and PMJA on Dec 31, 2026. A new cap is set the day after each.

Which is cheaper, BALT or PMJA?

BALT charges 0.69% a year and PMJA charges 0.50%, so PMJA is cheaper. Fees come from each fund's prospectus.

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BALT vs PMJA: which one stands where?

As of Oct 1, 2026 PMJA can fall 4.4% before its buffer engages and BALT 0.0%. Innovator Defined Wealth Shield ETF - Quarterly and PGIM S&P 500 Max Buffer ETF - January.

0.0%

BALT can fall this far before its buffer

4.4%

PMJA can fall this far before its buffer

2.4%

BALT can still gain

1.9%

PMJA 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.

PMJAAt its cap

PMJA: reference +11.8% since period start, fund +4.1%; buffer Floor; cap +6.6%; At its cap.

These are two different products. PMJA is a floor fund, which caps how far a holder can fall. BALT is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.

PMJA 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; PMJA runs to Dec 31, 2026, 92 days. BALT can still gain 2.4% before its cap, PMJA 1.9%. A fall from here reaches BALT’s buffer after 0.0% and PMJA’s after 4.4%. 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	PMJA	BALT	PMJA
3 months	+2.0%	+1.7%	−0.6 pts	−0.8 pts
6 months	+4.3%	+4.3%	−12.7 pts	−12.7 pts
1 year	+6.5%	+6.0%	−9.2 pts	−9.7 pts
3 years	+25.7%	not published	−59.3 pts	not published

BALT and PMJA 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

PMJA

PGIM S&P 500 Max Buffer ETF - January · Absorbs the whole loss on SPY and caps the gain at 6.6%, over a period ending Dec 31, 2026

Issuer Innovator PGIM

Reference index SPY SPY

Buffer 20% 100%

Outcome period Sep 30, 2026 to Dec 31, 2026 Jan 1, 2026 to Dec 31, 2026

Days left 92 92

Starting cap +2.4% +6.6%

Can still gain 2.4% 1.9%

Fall before buffer 0.0% 4.4%

Protection left, index points 20.0% of 20.0% 100.0% of 100.0%

Index return this period 0.0% +11.8%

Fund return this period 0.0% +4.1%

State today Open At cap

Expense ratio 0.69% 0.50%

Net assets $3.0bn $6m

BALT and PMJA 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.

PMJA in plain words

SPY had already risen past this fund's cap of +6.6% 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 1.9% as the period runs out. The fund's price can fall 4.4% 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: 100.0% of the 100.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BALT or PMJA?: From their prices on Oct 1, 2026, BALT can gain about 2.4% before its cap and PMJA about 1.9%, so BALT has more room left this period.
Which resets first, BALT or PMJA?: BALT ends its outcome period on Dec 31, 2026 and PMJA on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, BALT or PMJA?: BALT charges 0.69% a year and PMJA charges 0.50%, so PMJA is cheaper. Fees come from each fund's prospectus.

Other comparisons

BALT vs PJAN BALT vs PQXX BALT vs QBSF BALT vs QBSV PMJA vs QBSV PMJA vs SIXJ PMJA vs SQMX PMJA vs TJAN

SPY →BALT on its own →PMJA on its own →How every figure is computed →Standards and sources →

Where these figures came from

Innovator page for BALT ↗PMJA 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 PMJA, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/balt-vs-pmja

Open data

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