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BALT vs XBJA: which one stands where?

As of Oct 1, 2026 XBJA can fall 8.4% before its buffer engages and BALT 0.0%. Innovator Defined Wealth Shield ETF - Quarterly and Innovator U.S. Equity Accelerated 9 Buffer ETF - Jan.

0.0%
BALT can fall this far before its buffer
8.4%
XBJA can fall this far before its buffer
2.4%
BALT can still gain
2.6%
XBJA can still gain
BALTBetween buffer and cap
Between buffer and capBALT: reference 0.0% since period start, fund 0.0%; buffer 0 to −20; cap +2.4%; Between buffer and cap.20 pts of buffer−20.0% floor0% period start+2.4% capTODAY · SPY 0.0%Between buffer and capBALT: reference 0.0% since period start, fund 0.0%; buffer 0 to −20; cap +2.4%; Between buffer and cap.20 pts of buffer−20.0% floor0% start+2.4% capTODAY · SPY 0.0%

BALT: reference 0.0% since period start, fund 0.0%; buffer 0 to −20; cap +2.4%; Between buffer and cap.

XBJABetween buffer and cap
Between buffer and capXBJA: reference +11.8% since period start, fund +8.5%; buffer 0 to −9; cap +11.9%; Between buffer and cap.9 pts of buffer+11.8% gain captured−9.0% floor0% period start+11.9% capTODAY · SPY +11.8%Between buffer and capXBJA: reference +11.8% since period start, fund +8.5%; buffer 0 to −9; cap +11.9%; Between buffer and cap.9 pts+11.8%−9.0% floor0% start+11.9% capTODAY · SPY +11.8%

XBJA: reference +11.8% since period start, fund +8.5%; buffer 0 to −9; cap +11.9%; Between buffer and cap.

These are two different products. XBJA 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.

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, 92 days from now; XBJA runs to Dec 31, 2026, 92 days. BALT can still gain 2.4% before its cap, XBJA 2.6%. A fall from here reaches BALT’s buffer after 0.0% and XBJA’s after 8.4%. 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 returnGap to the reference
WindowBALTXBJABALTXBJA
3 months+2.0%+2.7%−0.6 pts+0.2 pts
6 months+4.3%+10.2%−12.7 pts−6.8 pts
1 year+6.5%+10.9%−9.2 pts−4.8 pts
3 years+25.7%+40.1%−59.3 pts−44.9 pts

BALT and XBJA 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
XBJA
Innovator U.S. Equity Accelerated 9 Buffer ETF - Jan · Absorbs the first 9% of loss on SPY and caps the gain at 11.9%, over a period ending Dec 31, 2026
Issuer Innovator Innovator
Reference index SPY SPY
Buffer 20% 9%
Outcome period Sep 30, 2026 to Dec 31, 2026 Dec 31, 2025 to Dec 31, 2026
Days left 92 92
Starting cap +2.4% +11.9%
Can still gain 2.4% 2.6%
Fall before buffer 0.0% 8.4%
Protection left, index points 20.0% of 20.0% 9.0% of 9.0%
Index return this period 0.0% +11.8%
Fund return this period 0.0% +8.5%
State today Open Open
Expense ratio 0.69% 0.79%
Net assets $3.0bn $94m

BALT and XBJA 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.

XBJA in plain words

From its price on Oct 1, 2026, the fund can gain about 2.6% more before it reaches its cap. The fund's price can fall 8.4% 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: 9.0% of the 9.0% buffer still sits below today's SPY level.

Questions people ask

Which has more room to gain, BALT or XBJA?
From their prices on Oct 1, 2026, BALT can gain about 2.4% before its cap and XBJA about 2.6%, so XBJA has more room left this period.
Which resets first, BALT or XBJA?
BALT ends its outcome period on Dec 31, 2026 and XBJA on Dec 31, 2026. A new cap is set the day after each.
Which is cheaper, BALT or XBJA?
BALT charges 0.69% a year and XBJA charges 0.79%, so BALT is cheaper. Fees come from each fund's prospectus.
Other comparisons
BALT vs EALTBALT vs FDECBALT vs FLAOBALT vs FLJJXBJA vs JANTXBJA vs PJANXBJA vs PQVXBJA vs PQX
SPY →BALT on its own →XBJA on its own →How every figure is computed →Standards and sources →
Where these figures came from
Innovator page for BALT ↗XBJA filings on SEC EDGAR ↗Innovator page for XBJA ↗

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 XBJA, data as of Oct 1, 2026. https://etfiq.com/compare/buffer/balt-vs-xbja

Open data

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