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Data as of Nov 4, 2026.

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Buffer ETFs

BALT vs QBSF: Cap, Buffer & Days Left

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As of Nov 4, 2026 QBSF can fall 0.8% before its buffer engages and BALT 0.6%.

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Net assets: $3.3bn on Nov 4, 2026 for Innovator Defined Wealth Shield ETF - Quarterly, and $68m on Nov 3, 2026 for AllianzIM U.S. Equity Buffer15 ETF - Jan.

BALT on its own →QBSF on its own →
At a glance
0.6%
BALT can fall this far before its buffer
0.8%
QBSF can fall this far before its buffer
1.8%
BALT can still gain
2.1%
QBSF 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.
QBSF Between buffer and cap
Between buffer and capQBSF: reference +0.5% since period start, fund +0.6%; buffer 0 to −15; cap +2.9%; Between buffer and cap. Data to Nov 4, 2026.15 pts of buffer−15.0% floor0% period start+2.9% cap+0.5% gain captured+2.3% more to the capTODAY · SPY +0.5%Between buffer and capQBSF: reference +0.5% since period start, fund +0.6%; buffer 0 to −15; cap +2.9%; Between buffer and cap. Data to Nov 4, 2026.15 pts of buffer−15.0% floor0% start+2.9% cap+0.5% gain captured+2.3% more to the capTODAY · SPY +0.5%

QBSF: reference +0.5% since period start, fund +0.6%; buffer 0 to −15; cap +2.9%; Between buffer and cap. Data to Nov 4, 2026.

QBSF: reference +0.5% since period start, fund +0.6%; buffer 0 to −15; cap +2.9%; Between buffer and cap. Data to Nov 4, 2026.

Pair scorecard

QBSF costs 0.05 points a year less; their one-year returns differ by 0.5 points; BALT is far larger, $3.2bn against $68m.

Points (pts) are percentage points.

BALT vs QBSF: Cap, Buffer & Days Left
MeasureBALTQBSF
Return
Total return, 1 year+6.4%+6.9%
Drawdown
Index fall to the buffer0.5%
Benchmark
What it tracksSPYSPY
Cost and size
Expense ratio0.69%0.64%
Net assets, as of Nov 3, 2026$3.2bn$68m
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 Score99.1BALT83.2QBSF

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 QBSF: Cap, Buffer & Days Left
Total returnGap to the reference's price return
WindowBALTQBSFBALTQBSF
3 months+1.3%+1.2%+1.7 pts+1.6 pts
6 months+3.2%+3.2%−1.3 pts−1.3 pts
1 year+6.4%+6.9%−7.1 pts−6.6 pts
3 years+25.4%–−51.0 pts–
Since launchNot the same days: BALT Jul 2021 · QBSF Jul 2025+36.5%+10.1%−41.7 pts−14.0 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 QBSF AllianzIM U.S. Equity Buffer15 ETF - Jan · Absorbs the first 15% of loss on SPY and caps the gain at 2.9%, over a period ending Dec 31, 2026
Issuer Innovator AllianzIM
Reference index SPY SPY
Buffer 20% 15%
Outcome period Sep 30, 2026 to Dec 31, 2026 Oct 1, 2026 to Dec 31, 2026
Days left 57 57
Starting cap +2.4% +2.9%
Can still gain 1.8% 2.1%
Fall before buffer 0.6% 0.8%
Protection left, index points 20.0% of 20.0% 15.0% of 15.0%
Index return this period +0.5% +0.5%
Fund return this period +0.6% +0.6%
State today Open Open
Expense ratio 0.69% 0.64%
Net assets, BALT as of Nov 4, 2026 and QBSF as of Nov 3, 2026 $3.3bn $68m

As of Nov 4, 2026. Source: ETFIQ.

Where each one stands today

BALT resets first, on Dec 31, 2026, 57 days from now; QBSF runs to Dec 31, 2026, 57 days. BALT can still gain 1.8% before its cap, QBSF 2.1%. A fall from here reaches BALT’s buffer after 0.6% and QBSF’s after 0.8%. 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.

QBSF

From its price on Nov 4, 2026, the fund can gain about 2.1% 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 number. 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 QBSF?
From their prices on Nov 4, 2026, BALT can gain about 1.8% before its cap and QBSF about 2.1%, so QBSF has more room left this period.
Which resets first, BALT or QBSF?
BALT ends its outcome period on Dec 31, 2026 and QBSF on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, BALT or QBSF?
BALT charges 0.69% a year and QBSF charges 0.64%, so QBSF is cheaper. Fees come from each fund's prospectus.
Other comparisons
BALT vs EALTBALT vs XDECBALT vs ZOCTBALT vs UJANQBSF vs FSEPQBSF vs PJANQBSF vs FDECQBSF vs POCT
Where to next
SPY →BALT on its own →QBSF on its own →Method →Standards and sources →
Sources and dates
Innovator page for BALT ↗
QBSF filings on SEC EDGAR ↗
AllianzIM page for QBSF ↗

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 QBSF, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/balt-vs-qbsf

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