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BALT vs MARW

Innovator Defined Wealth Shield ETF

BALTBCboe

AllianzIM U.S. Equity Buffer20 Mar ETF

MARWCCboe

Overlap

Expense ratio

BALT −0.05pt a year

BALT0.69%MARW0.74%

Avg volume · 30D

BALT 308.2×the volume

BALT569KMARW1.85K

3Y return · a year

MARW +3.9pt

BALT+8.0%MARW+11.9%

BALT vs MARW Performance

Oct 31, 2025 – Oct 30, 2026

+5.9%BALT+9.1%MARW

Oct 31, 2025 to Oct 30, 2026. BALT +5.9%. MARW +9.1%. Use the arrow keys to read each point.0%2%4%Oct 2025Apr 2026Oct 2026
Expense ratio
BALT 0.69%, better
MARW 0.74%
Fund size
BALT $3.47B
MARW $86M
1Y total return
BALT +5.9%
MARW +9.1%, better
Holdings
BALT 3
MARW 2
Avg volume (30D)
BALT 569K sh, better
MARW 1.85K sh
NAV per share
BALT $34.93
MARW $37.11
52W range

ETF.net Grade

BALT: Cost 65, Risk 65, Mission 78, Tradability 66, Holdings not scored, Durability 82. MARW: Cost 37, Risk 60, Mission not scored, Tradability 26, Holdings 50, Durability 54.
Pillar letters and Scores for BALT, MARW, with each pillar’s weight
PillarBALTMARW
Cost30% weightB65HigherD37
Mission25% weightA78Not scored
Risk15% weightB65HigherB60
Tradability15% weightB66HigherD26
Holdings10% weightNot scoredC50
Durability5% weightA82HigherC54

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 MARW 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 MARW 19th of 24 funds in the S&P 500 Buffer 20% Category.

  1. Rank 1BBALTInnovator Defined Wealth Shield ETFScore 66
  2. Rank 2BPSFDPacer Swan SOS Flex (January) ETFScore 61
  3. Rank 18CFEBWAllianzIM U.S. Equity Buffer20 Feb ETFScore 44
  4. Rank 19CMARWAllianzIM U.S. Equity Buffer20 Mar ETFScore 42
  5. Rank 20CPQXXPGIM S&P 500 Quarterly Buffer 20 ETFScore 40

Our read on each fund

ETF.net Research

BALTBInnovator Defined Wealth Shield ETF

MARWCAllianzIM U.S. Equity Buffer20 Mar ETF

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.

MARW March's rung in AllianzIM's monthly buffer ladder: FLEX options tracking SPY's share price for a year, with the first 20% of losses absorbed and upside capped, then reset every March. Hedging runs on Allianz Life's own platform.

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.

MARW The Fund seeks to match the share-price return of the SPDR S&P 500 ETF Trust through FLEX Options over a one-year Outcome Period, with upside limited by a Cap and the first 20% of underlying losses buffered.

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.
  • MARW The 20% buffer is among the deepest in defined-outcome land, and it is written into the fund's terms, not left to a manager's judgment.
  • Hedging is handled in-house on the same proprietary platform Allianz Life uses to hedge its annuity book, rather than outsourced to a sub-adviser.allianzlife.com
  • One rung in a full 12-month ladder: a same-structure AllianzIM fund opens a fresh outcome period every month, so entry and roll dates are a choice.allianzim.comallianzlife.com
  • The FLEX options are exchange-listed and settled through the Options Clearing Corporation, so the payoff isn't riding on one bank's balance sheet.allianzim.com

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%.
  • MARW At 0.74% it sits mid-pack for 20%-buffer funds, and Pacer's PSFJ and PSFM (0.49%) and PGIM's PBJA and PBJN (0.50%) deliver the same basic shape for less.
  • Buffer and cap are engineered for a full March-to-February period; buy midstream and your own downside cushion and upside room differ from the stated terms.allianzim.com
  • Trades lightly next to the category's biggest names, so the spread and a limit order matter more than usual.

Full BALT profile⁠

Full MARW profile⁠

BALT vs MARW 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 MARW Cost

Overpaying MARW vs BALT

$878

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

  • BALT 0.69%

    $13,429

  • MARW 0.74%

    $14,307

$10,000
30 years

Cost over time

  • BALT 0.69%
  • MARW 0.74%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530MARW $14,307BALT $13,429

Year by year

YearBALTMARWOverpaying
10$1,232$1,319$87
20$4,697$5,015$318
30$13,429$14,307$878

Expense ratio

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

BALT 9th cheapest of 24 funds

MARW 10th cheapest of 24 funds

BALT vs MARW Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
BALT None
MARW None

Distribution history

BALTAll BALT payments⁠

No distribution history available.

MARWAll MARW payments⁠

No distribution history available.

BALT vs MARW 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%, betterMARW 4.8%
Return per unit of riskSharpe ratio, 3 years
BALT 1.37MARW 1.46, better
Worst fallMax drawdown, 5 years
BALT −4.9%MARW −7.6%since Feb 2023
Market sensitivityBeta, 5 years
BALT 0.18MARW 0.36

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