Which has more room to gain, BALT or PQXX?

From their prices on Oct 9, 2026, BALT can gain about 1.9% before its cap and PQXX about 1.9%, so the two have the same room left this period.

Which resets first, BALT or PQXX?

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

Which is cheaper, BALT or PQXX?

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

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BALT vs PQXX: Cap, Buffer & Days Left

As of Oct 9, 2026 PQXX can fall 0.6% before its buffer engages and BALT 0.5%. Net assets on Oct 9, 2026: $3.1bn for Innovator Defined Wealth Shield ETF - Quarterly and $3m for PGIM S&P 500 Quarterly Buffer 20 ETF.

PQXX costs 0.19 points a year less; BALT is far larger, $3.1bn against $3m.

	BALT	PQXX
Expense ratio	0.69%	0.50%
Net assets	$3.1bn	$3m
Total return, 1 year	+6.9%	not published
What it tracks	SPY	SPY
Holdings in common	not published
Index fall to the buffer	2.0%

0.5%

BALT can fall this far before its buffer

0.6%

PQXX can fall this far before its buffer

1.9%

BALT can still gain

1.9%

PQXX can still gain

BALTBetween buffer and cap

BALT: reference +2.1% since period start, fund +0.5%; buffer 0 to −20; cap +2.4%; Between buffer and cap. Figures to Oct 9, 2026.

PQXXBetween buffer and cap

PQXX: reference +2.1% since period start, fund +0.5%; buffer 0 to −20; cap +2.5%; Between buffer and cap. Figures to Oct 9, 2026.

Figures to Oct 9, 2026.

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

PQXX 99.5

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, 83 days from now; PQXX runs to Dec 31, 2026, 83 days. BALT can still gain 1.9% before its cap, PQXX 1.9%. A fall from here reaches BALT’s buffer after 0.5% and PQXX’s after 0.6%. Both track SPY, so what separates them is where each is in its own period.

Performance, window by window

	Total return		Gap to the reference's price return
Window	BALT	PQXX	BALT	PQXX
3 months	+2.0%	+2.0%	−1.1 pts	−1.1 pts
6 months	+4.1%	not published	−10.5 pts	not published
1 year	+6.9%	not published	−9.1 pts	not published
3 years	+25.7%	not published	−53.5 pts	not published

Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. 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

PQXX

PGIM S&P 500 Quarterly Buffer 20 ETF · Absorbs the first 20% of loss on SPY and caps the gain at 2.5%, 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 Oct 1, 2026 to Dec 31, 2026

Days left 83 83

Starting cap +2.4% +2.5%

Can still gain 1.9% 1.9%

Fall before buffer 0.5% 0.6%

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

Index return this period +2.1% +2.1%

Fund return this period +0.5% +0.5%

State today Open Open

Expense ratio 0.69% 0.50%

Net assets $3.1bn $3m

As of Oct 9, 2026. Source: ETFIQ.

BALT in plain words

From its price on Oct 9, 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 2.0% 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. 83 days remained on Oct 9, 2026. On Dec 31, 2026 the period ends and a new cap is set.

PQXX in plain words

The fund's price can fall 0.6% from here before the buffer starts absorbing losses, by the issuer's figure.

Questions people ask

Which has more room to gain, BALT or PQXX?: From their prices on Oct 9, 2026, BALT can gain about 1.9% before its cap and PQXX about 1.9%, so the two have the same room left this period.
Which resets first, BALT or PQXX?: BALT ends its outcome period on Dec 31, 2026 and PQXX on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, BALT or PQXX?: BALT charges 0.69% a year and PQXX charges 0.50%, so PQXX is cheaper. Fees come from each fund's prospectus.

Other comparisons

BALT vs DDFJ BALT vs JANU BALT vs XBJA BALT vs DDSQ PQXX vs FSEP PQXX vs PJAN PQXX vs FDEC PQXX vs POCT

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

Where these figures came from

Innovator page for BALT ↗PQXX 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 page

ETFIQ, BALT against PQXX, data as of Oct 9, 2026. https://etfiq.com/compare/buffer/balt-vs-pqxx

Open data

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