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BALT vs PBJA

Innovator Defined Wealth Shield ETF

BALTBCboe

PGIM S&P 500 Buffer 20 ETF - January

PBJABCboe

Overlap

Expense ratio

PBJA −0.19pt a year

BALT0.69%PBJA0.50%

Avg volume · 30D

BALT 160.4×the volume

BALT569KPBJA3.55K

BALT vs PBJA Performance

Oct 31, 2025 – Nov 2, 2026

+5.8%BALT+8.8%PBJA

Oct 31, 2025 to Nov 2, 2026. BALT +5.8%. PBJA +8.8%. Use the arrow keys to read each point.0%2%4%10%Oct 2025May 2026Nov 2026
Expense ratio
BALT 0.69%
PBJA 0.50%, better
Fund size
BALT $3.47B
PBJA $67M
1Y total return
BALT +5.8%
PBJA +8.8%, better
Holdings
BALT 3
PBJA 4
Avg volume (30D)
BALT 569K sh, better
PBJA 3.55K sh
NAV per share
BALT $34.93
PBJA $33.07
52W range

ETF.net Grade

BALT: Cost 65, Risk 63, Mission 78, Tradability 64, Holdings not scored, Durability 82. PBJA: Cost 85, Risk 47, Mission not scored, Tradability 19, Holdings not scored, Durability 39.
Pillar letters and Scores for BALT, PBJA, with each pillar’s weight
PillarBALTPBJA
Cost30% weightB65A85Higher
Mission25% weightA78Not scored
Risk15% weightB63HigherC47
Tradability15% weightB64HigherF19
Holdings10% weightNot scoredNot scored
Durability5% weightA82HigherD39

Rank among S&P 500 Buffer 20% funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. BALT and PBJA are both graded against the same 24 S&P 500 Buffer 20% funds, so their Grades compare head to head.

S&P 500 Buffer 20%⁠

Category · 24 funds
See all 24 ›

BALT ranks 1st and PBJA 6th of 24 funds in the S&P 500 Buffer 20% Category.

  1. Rank 1BBALTInnovator Defined Wealth Shield ETFScore 65
  2. Rank 2BPSFJPacer Swan SOS Flex (July) ETFScore 62
  3. Rank 5BPSFMPacer Swan SOS Flex (April) ETFScore 59
  4. Rank 6BPBJAPGIM S&P 500 Buffer 20 ETF - JanuaryScore 57
  5. Rank 7BPBJNPGIM S&P 500 Buffer 20 ETF - JuneScore 56

Our read on each fund

ETF.net Research

BALTBInnovator Defined Wealth Shield ETF

PBJABPGIM S&P 500 Buffer 20 ETF - January

In short

BALT Most buffer ETFs hand you a cushion once a year. BALT rebuilds a 20% one every three months: four fresh starts against S&P 500 drawdowns. The trade-off is that the cap resets with it, and it starts low.

PBJA No data

Stated mandate

BALT The fund seeks to track the return of SPDR S&P 500 ETF Trust (SPY), subject to a cap, while buffering investors against losses. It targets a 20% buffer during each three-month outcome period and resets quarterly.

PBJA No data

Why people hold it

  • BALT Deep and short-dated: it targets a 20% buffer against losses in the S&P 500 ETF it references, over a three-month outcome period, then resets for the next quarter.innovatoretfs.com
  • 0.69% a year, under the typical fee in its deep-buffer group, and it has been running the quarterly reset since launching in 2021.
  • One of the larger funds doing 20% buffers on the S&P 500, and one of the strongest implementations in that peer group.

PBJA No data

Worth knowing

  • BALT A deep buffer over a short window buys a low ceiling. The cap is set fresh each three-month period, and it is far tighter than what annual buffer funds start with.
  • The 20% cushion is measured from the start of each outcome period. Buy mid-quarter and the buffer and cap you actually own differ from the headline terms.innovatoretfs.com
  • Cheaper 20% buffer options exist: PBFR at 0.50%, Pacer's Swan SOS Flex funds (PSFJ, PSFM) at 0.49%.

PBJA No data

Full BALT profile⁠

Full PBJA profile⁠

BALT vs PBJA Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BALT vs PBJA Cost

Overpaying BALT vs PBJA

$3,450

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BALT 0.69%

    $13,429

  • PBJA 0.50%

    $9,979

$10,000
30 years

Cost over time

  • BALT 0.69%
  • PBJA 0.50%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530BALT $13,429PBJA $9,979

Year by year

YearBALTPBJAOverpaying
10$1,232$900$332
20$4,697$3,460$1,237
30$13,429$9,979$3,450

Expense ratio

  • 0.69%BALT
  • 0.50%PBJA, cheaper
  • Middle half of S&P 500 Buffer 20% funds
  • Median 0.74%

PBJA 5th cheapest of 24 funds

BALT 9th cheapest of 24 funds

BALT vs PBJA Dividends

Last 12 months to Nov 2, 2026
Payout (12M)
BALT None
PBJA None

Distribution history

BALTAll BALT payments⁠

No distribution history available.

PBJAAll PBJA payments⁠

No distribution history available.

BALT vs PBJA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BALT 2.4%PBJA 4.3%since Feb 2024
Return per unit of riskSharpe ratio, 3 years
BALT 1.37PBJA 1.32since Feb 2024
Worst fallMax drawdown, 5 years
BALT −4.9%PBJA −8.5%since Jan 2024
Market sensitivityBeta, 5 years
BALT 0.18PBJA 0.33

Popular comparisons

  • BALTBvsPSFJB

    Innovator Defined Wealth Shield ETF · Pacer Swan SOS Flex (July) ETF

    Expense ratio
    0.69% · 0.49%
    Category
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  • PBJABvsPSFJB

    PGIM S&P 500 Buffer 20 ETF - January · Pacer Swan SOS Flex (July) ETF

    Expense ratio
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    Category
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  • BALTBvsPSFDB

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    Expense ratio
    0.69% · 0.49%
    Category
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  • PBJABvsPSFDB

    PGIM S&P 500 Buffer 20 ETF - January · Pacer Swan SOS Flex (January) ETF

    Expense ratio
    0.50% · 0.49%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • BALTBvsPSFOB

    Innovator Defined Wealth Shield ETF · Pacer Swan SOS Flex (October) ETF

    Expense ratio
    0.69% · 0.49%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PBJABvsPSFOB

    PGIM S&P 500 Buffer 20 ETF - January · Pacer Swan SOS Flex (October) ETF

    Expense ratio
    0.50% · 0.49%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.