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Launched

Innovator Defined Wealth Shield ETF

BALTCboeB

$35.05−0.01 (−0.03%)

As of Oct 13, 2026, 3:59 PM

B67/ 100

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

B67/100Rank 1 of 24inS&P 500 Buffer 20%
Intraday session: down, 79 prints from 35.06 to 35.05. Range 34.98 to 35.09. Use the arrow keys to read each point.34.9835.0035.0235.1010 AM12 PM2 PM4 PM
Expense ratio
0.69%
Fund size
$3.1B
1Y total return
+7.2%
Yield · Last 12 months
—
Holdings
3
Avg volume · 30D
0.5M sh
NAV per share
$35.07
52W range
low $32.69high $35.15
Launched

The ETF.net BALT Grade

Based on 5 of 6 pillars

B

Score 67 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 67, Mission 78, Tradability 67, Holdings not scored, Durability 85. Strongest: Durability (85). Weakest: Cost (65). Based on 5 of 6 pillars.

Score 67 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.
    B67 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.
    B67 out of 100
    Rank 6 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.
    A85 out of 100
    Rank 1 of 24

Our read on BALT

ETF.net Research

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

  1. 01Deep 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
  2. 020.69% a year, under the typical fee in its deep-buffer group, and it has been running the quarterly reset since launching in 2021.
  3. 03One of the larger funds doing 20% buffers on the S&P 500, and one of the strongest implementations in that peer group.

Worth knowing

  1. 01A 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.
  2. 02The 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
  3. 03Cheaper 20% buffer options exist: PBFR at 0.50%, Pacer's Swan SOS Flex funds (PSFJ, PSFM) at 0.49%.

BALT Holdings

As of Oct 13, 2026
Asset class
Stocks
Holdings
3
Top-10 weight
103%
Largest holding
Spy 12/31/2026 1.91 C101.2%

Sectors

  • Technology40.1%
  • Financials11.3%
  • Communication9.9%
  • Health Care9.4%
  • Consumer Discretionary8.7%
  • Industrials7.6%
  • Consumer Staples4.4%
  • Energy3.4%
  • Utilities1.9%
  • Real Estate1.7%
  • Materials1.6%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Spy 12/31/2026 1.91 C101.19%41,128$3.2B1
002—Spy 12/31/2026 762.63 P1.60%41,128$50M1
003—Us Bank Mmda - Usbgfs 9 09/01/20370.17%5,224,049$5M163

Showing 1–3 of 3 holdings

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$10,722
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. BALT $10,722. SPY $12,044. Use the arrow keys to read each point.$9,582$10,912$12,243Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

Returns run to the Oct 12, 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+4.6%
1 month+0.8%
3 months+1.9%
1 year+7.2%
3 yearsper year+7.8%
5 yearsper year+6.4%
10 yearsFund is under 10 years oldper year—

As of the close, 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+4.6%
2025+6.7%
2024+10.0%
2023+7.5%
2022+2.5%
2021+0.8%

Since listing, Jul 1, 2021

BALT in the news

Filtered to BALT · S&P 500 Buffer 20%

BALT Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

BALT Risk

How much the fund’s monthly returns vary, scaled to a year.
2.4%
Annualised · 36 months to Sep 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.
1.33
vs 3-month T-bills · to Sep 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.

BALT Cost

Expense ratio0.69%
  • The middle half of S&P 500 Buffer 20% funds
  • Median 0.74%

8 of the 24 S&P 500 Buffer 20% funds charge less.

BALT costs $69.00 a year on $10,000. The median S&P 500 Buffer 20% fund costs $74.00.

Other funds in S&P 500 Buffer 20%

See others