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Launched

Innovator Defined Wealth Shield ETF

BALTCboeInnovatorB

$34.93−0.04 (−0.11%)

At close: Nov 2, 2026, 4:00 PM ET

B65/ 100

Rank 1 of 24 in S&P 500 Buffer 20%

B65/100Rank 1 of 24inS&P 500 Buffer 20%
Intraday session: down, 78 prints from 34.97 to 34.93. Range 34.93 to 35.05. Use the arrow keys to read each point.34.9535.0035.0235.0510 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$3.47B
1Y total return
+5.8%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
569K sh
52W range
low $32.79high $35.15
Launched

The ETF.net BALT Grade

Based on 5 of 6 pillars

B

Score 65 out of 100

Category
S&P 500 Buffer 20%⁠
Rank
1 of 24
Six-pillar profile for BALT. Scores out of 100: Cost 65, Risk 63, Mission 78, Tradability 64, Holdings not scored, Durability 82. Strongest: Durability (82). Weakest: Risk (63). Based on 5 of 6 pillars.

Score 65 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    B65 out of 100
    Rank 9 of 24

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A78 out of 100
    Rank 3 of 4

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B63 out of 100
    Rank 4 of 23

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B64 out of 100
    Rank 7 of 24

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A82 out of 100
    Rank 1 of 24

Our read on BALT

ETF.net Research

In short

BMost 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.

Stated mandate

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.

Why people hold it

  • 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.

Worth knowing

  • 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%.

BALT Performance

Launched Jul 1, 2021

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.
BALT$10,578
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,146
Oct 31, 2025 to Nov 2, 2026. BALT $10,578. SPY $11,146. Use the arrow keys to read each point.$10,000$11,000Oct 2025May 2026Nov 2026

Oct 31, 2025 – Nov 2, 2026

Returns run to the Nov 2, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for BALT. Periods over one year show the average yearly return.
PeriodBALT
Year to date+4.2%
1 month−0.2%
3 months+1.4%
1 year+5.8%
3 yearsper year+7.7%
5 yearsper year+6.2%
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for BALT
YearReturn barBALT
2026 YTD+4.2%
2025+6.7%
2024+10.0%
2023+7.5%
2022+2.5%
2021+0.8%

Since listing, Jul 1, 2021

BALT in the news

BALT Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

BALT Risk

Risk pillarB63 out of 100Rank 4 of 23 in S&P 500 Buffer 20%
How much the fund’s monthly returns vary, scaled to a year.
2.4%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.37
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−4.9%
Trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.18
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

BALT Cost

Compare BALT and PSFD

Overpaying vs PSFD, tied cheapest in S&P 500 Buffer 20%

$3,637

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

  • BALT 0.69%

    $13,429

  • PSFD 0.49% Tied cheapest

    $9,792

$10,000
30 years

Cost over time

  • BALT 0.69%
  • PSFD 0.49%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530BALT $13,429PSFD $9,792

Year by year

YearBALTPSFDOverpaying
10$1,232$883$349
20$4,697$3,394$1,303
30$13,429$9,792$3,637

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