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BALT vs PQX: Cap, Buffer & Days Left

As of Oct 13, 2026 PQX can fall 0.8% before its buffer engages and BALT 0.5%. Net assets: $3.1bn on Oct 12, 2026 for Innovator Defined Wealth Shield ETF - Quarterly, and $9m on Oct 13, 2026 for PGIM S&P 500 Quarterly Buffer 10 ETF.

PQX costs 0.19 points a year less; BALT is far larger, $3.1bn against $9m.

Points (pts) are percentage points.

BALT vs PQX: Cap, Buffer & Days Left
BALTPQX
Expense ratio0.69%0.50%
Net assets, as of Oct 12, 2026$3.1bn$9m
Total return, 1 year+7.2%not published
What it tracksSPYSPY
Holdings in commonnot published
0.5%
BALT can fall this far before its buffer
0.8%
PQX can fall this far before its buffer
1.9%
BALT can still gain
2.6%
PQX can still gain
BALTBetween buffer and cap
Between buffer and capBALT: reference +1.9% since period start, fund +0.5%; buffer 0 to −20; cap +2.4%; Between buffer and cap. Figures to Oct 13, 2026.20 pts of buffer+1.9%−20.0% floor0% period start+2.4% cap+0.5% more to the capTODAY · SPY +1.9%Between buffer and capBALT: reference +1.9% since period start, fund +0.5%; buffer 0 to −20; cap +2.4%; Between buffer and cap. Figures to Oct 13, 2026.20 pts of buffer−20.0% floor0% start+2.4% cap+1.9% gain captured+0.5% more to the capTODAY · SPY +1.9%

BALT: reference +1.9% since period start, fund +0.5%; buffer 0 to −20; cap +2.4%; Between buffer and cap. Figures to Oct 13, 2026.

BALT: reference +1.9% since period start, fund +0.5%; buffer 0 to −20; cap +2.4%; Between buffer and cap. Figures to Oct 13, 2026.

PQXBetween buffer and cap
Between buffer and capPQX: reference +1.9% since period start, fund +0.7%; buffer 0 to −10; cap +3.5%; Between buffer and cap. Figures to Oct 13, 2026.10 pts of buffer+1.9%−10.0% floor0% period start+3.5% cap+1.6% more to the capTODAY · SPY +1.9%Between buffer and capPQX: reference +1.9% since period start, fund +0.7%; buffer 0 to −10; cap +3.5%; Between buffer and cap. Figures to Oct 13, 2026.10 pts−10.0% floor0% start+3.5% cap+1.9% gain captured+1.6% more to the capTODAY · SPY +1.9%

PQX: reference +1.9% since period start, fund +0.7%; buffer 0 to −10; cap +3.5%; Between buffer and cap. Figures to Oct 13, 2026.

PQX: reference +1.9% since period start, fund +0.7%; buffer 0 to −10; cap +3.5%; Between buffer and cap. Figures to Oct 13, 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 →

Where each one stands today

BALT resets first, on Dec 31, 2026, 79 days from now; PQX runs to Dec 31, 2026, 79 days. BALT can still gain 1.9% before its cap, PQX 2.6%. A fall from here reaches BALT’s buffer after 0.5% and PQX’s after 0.8%. 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 PQX: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowBALTPQXBALTPQX
3 months+2.0%+2.4%−1.9 pts−1.5 pts
6 months+3.7%not published−9.7 ptsnot published
1 year+7.2%not published−11.9 ptsnot published
3 years+25.6%not published−54.8 ptsnot published
Since launch
Not the same days: BALT Jul 2021 · PQX Jul 2026
+36.3%+2.7%−44.5 pts−1.6 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
PQX
PGIM S&P 500 Quarterly Buffer 10 ETF · Absorbs the first 10% of loss on SPY and caps the gain at 3.5%, over a period ending Dec 31, 2026
Issuer Innovator PGIM
Reference index SPY SPY
Buffer 20% 10%
Outcome period Sep 30, 2026 to Dec 31, 2026 Oct 1, 2026 to Dec 31, 2026
Days left 79 79
Starting cap +2.4% +3.5%
Can still gain 1.9% 2.6%
Fall before buffer 0.5% 0.8%
Protection left, index points 20.0% of 20.0% 10.0% of 10.0%
Index return this period +1.9% +1.9%
Fund return this period +0.5% +0.7%
State today Open Open
Expense ratio 0.69% 0.50%
Net assets, BALT as of Oct 12, 2026 and PQX as of Oct 13, 2026 $3.1bn $9m

As of Oct 13, 2026. Source: ETFIQ.

About BALT

From its price on Oct 13, 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 1.9% 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. 79 days remained on Oct 13, 2026. On Dec 31, 2026 the period ends and a new cap is set.

About PQX

From its price on Oct 13, 2026, the fund can gain about 2.6% more before it reaches its cap. The fund's price can fall 0.8% from here before the buffer starts absorbing losses, by the issuer's figure. Protection left, in index points: 10.0% of the 10.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BALT or PQX?
From their prices on Oct 13, 2026, BALT can gain about 1.9% before its cap and PQX about 2.6%, so PQX has more room left this period.
Which resets first, BALT or PQX?
BALT ends its outcome period on Dec 31, 2026 and PQX on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, BALT or PQX?
BALT charges 0.69% a year and PQX charges 0.50%, so PQX is cheaper. Fees come from each fund's prospectus.
Other comparisons
BALT vs DDTOBALT vs PQVBALT vs DECMBALT vs SEPMPQX vs FSEPPQX vs PJANPQX vs FDECPQX vs POCT
SPY →BALT on its own →PQX on its own →How every figure is computed →Standards and sources →
Where these figures came from
Innovator page for BALT ↗PQX 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 PQX, data as of Oct 13, 2026. https://etfiq.com/compare/buffer/balt-vs-pqx

Open data

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