Data as of Nov 4, 2026.
BALT vs TOCT: Cap, Buffer & Days Left
As of Nov 4, 2026 TOCT can fall 5.5% before its buffer engages and BALT 0.6%, and BALT resets 273 days sooner.
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Net assets on Nov 4, 2026: $3.3bn for Innovator Defined Wealth Shield ETF - Quarterly and $14m for Innovator Equity Defined Protection ETF - Oct 2027.
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.TOCT: reference +15.1% since period start, fund +4.9%; buffer Floor; cap +12.8%; At its cap. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
BALT costs 0.10 points a year less; their one-year returns differ by 2.3 points; BALT is far larger, $3.3bn against $14m.
Points (pts) are percentage points.
| Measure | BALT | TOCT |
|---|---|---|
| Return | ||
| Total return, 1 year | +6.4% | +4.1% |
| Drawdown | ||
| Index fall to the buffer | 0.5% | 13.1% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.79% |
| Net assets | $3.3bn | $14m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | BALT | TOCT | BALT | TOCT |
| 3 months | +1.3% | +0.7% | +1.7 pts | +1.1 pts |
| 6 months | +3.2% | +1.9% | −1.3 pts | −2.6 pts |
| 1 year | +6.4% | +4.1% | −7.1 pts | −9.4 pts |
| 3 years | +25.4% | – | −51.0 pts | – |
| Since launchNot the same days: BALT Jul 2021 · TOCT Oct 2025 | +36.5% | +4.1% | −41.7 pts | −10.7 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
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. TOCT 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.
TOCT is already at its cap, so more rise in the index adds nothing to it before the period ends.
They do not reset together. BALT has 57 days of its period left and TOCT has 330, so the two are not the same bet on the same months.
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, 57 days from now; TOCT runs to Sep 30, 2027, 330 days. BALT can still gain 1.8% before its cap, TOCT 6.6%. A fall from here reaches BALT’s buffer after 0.6% and TOCT’s after 5.5%. Both track SPY, so what separates them is where each is in its own period.
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.
TOCT
SPY had already risen past this fund's cap of +12.8% for the period on Nov 4, 2026, so in index terms there is no more upside to collect. The fund's own price can still drift up to about 6.6% as the period runs out. The fund's price can fall 5.5% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 13.1% 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. 330 days remained on Nov 4, 2026. On Sep 30, 2027 the period ends and a new cap is set.
Questions people ask
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How this is computed
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 TOCT, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/balt-vs-toct
ETFIQ. (Nov 4, 2026). BALT against TOCT. Retrieved from https://etfiq.com/compare/buffer/balt-vs-toct
[BALT against TOCT (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/balt-vs-toct)
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