BALT vs MAYW

BALTBInnovator Defined Wealth Shield ETF

MAYWCAllianzIM U.S. Equity Buffer20 May 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.

MAYW A 20% cushion on the S&P 500, reset every May. MAYW holds a year of FLEX options on the SPDR S&P 500 ETF Trust: the first 20% of a drop gets absorbed, and upside stops at a cap set fresh each period.

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.

MAYW The Fund uses FLEX Options tied to the SPDR S&P 500 ETF Trust to seek the ETF’s share-price return through the current Outcome Period, subject to an upside cap and a 20% downside buffer.

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.

• MAYW Deep cushion by design: the options package aims to absorb the first 20% of the SPDR S&P 500 ETF Trust's price decline over the outcome period.
• Terms are known upfront. Each May 1 the fund starts a new 12-month period with a new cap, so the trade-off is spelled out before the clock runs.
• One of the stronger builds in the 20% S&P 500 buffer group, with enough size and turnover to trade without drama.

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%.

• MAYW The cap is what pays for the buffer. Gains above it stay on the table, and the fund targets share-price return, so S&P dividends aren't part of the package.
• Buffer and cap are measured May 1 to April 30. Step in mid-period and your actual cushion and ceiling differ from the headline terms.
• At 0.74% it sits right at the group median, but cheaper 20% buffer builds exist (PBFR at 0.50%, PSFM at 0.49%).

Full BALT profile⁠

Full MAYW profile⁠