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BALT vs PSFJ

Innovator Defined Wealth Shield ETF

BALTBCboe

Pacer Swan SOS Flex (July) ETF

PSFJBCboe

Overlap

Expense ratio

PSFJ −0.20pt a year

BALT0.69%PSFJ0.49%

Avg volume · 30D

BALT 53.6×the volume

BALT569KPSFJ10.6K

3Y return · a year

PSFJ +7.9pt

BALT+8.0%PSFJ+15.9%

BALT vs PSFJ Performance

Oct 31, 2025 – Oct 30, 2026

+5.9%BALT+9.4%PSFJ

Oct 31, 2025 to Oct 30, 2026. BALT +5.9%. PSFJ +9.4%. Use the arrow keys to read each point.−2.5%0%2.5%7.5%Oct 2025Apr 2026Oct 2026
Expense ratio
BALT 0.69%
PSFJ 0.49%, better
Fund size
BALT $3.47B
PSFJ $57M
1Y total return
BALT +5.9%
PSFJ +9.4%, better
Holdings
BALT 3
PSFJ 4
Avg volume (30D)
BALT 569K sh, better
PSFJ 10.6K sh
NAV per share
BALT $34.93
PSFJ $35.85
52W range

ETF.net Grade

BALT: Cost 65, Risk 65, Mission 78, Tradability 66, Holdings not scored, Durability 82. PSFJ: Cost 85, Risk 29, Mission not scored, Tradability 50, Holdings not scored, Durability 57.
Pillar letters and Scores for BALT, PSFJ, with each pillar’s weight
PillarBALTPSFJ
Cost30% weightB65A85Higher
Mission25% weightA78Not scored
Risk15% weightB65HigherD29
Tradability15% weightB66HigherC50
Holdings10% weightNot scoredNot scored
Durability5% weightA82HigherB57

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 PSFJ 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 PSFJ 2nd 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 2BPSFJPacer Swan SOS Flex (July) ETFScore 61
  4. Rank 4BPSFOPacer Swan SOS Flex (October) ETFScore 60

Our read on each fund

ETF.net Research

BALTBInnovator Defined Wealth Shield ETF

PSFJBPacer Swan SOS Flex (July) 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.

PSFJ A 20% cushion against the S&P 500's first losses, paid for with a ceiling on the upside, reset every July 1. Pacer runs the trade for less than most of the deep-buffer crowd charges.

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.

PSFJ The Fund seeks to match, before fees and expenses, the returns of the SPDR S&P 500 ETF Trust up to a predetermined cap while buffering the first 20% of downside losses over an approximate one-year period.

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.
  • PSFJ Costs 0.49% a year against a 0.74% median for 20% S&P 500 buffer funds, and undercuts the 0.74% AllianzIM month-series funds (JUNW, AUGW, DECW) built on the same reference.
  • Deep cushion by design: it aims to absorb the first 20% of a decline in the SPDR S&P 500 ETF Trust over each roughly one-year period, before fees and expenses.paceretfs.com
  • Live since 2021, with several annual reset cycles behind it and sibling funds (PSFM, PSFD) covering other start months. One of the stronger builds in a crowded 20% buffer field.

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%.
  • PSFJ The price of the cushion is a ceiling. Upside is capped at a level set when each July outcome period begins, so a roaring market leaves gains on the table.paceretfs.com
  • Buffer and cap are designed to work over the full outcome period. Buy mid-period and the cushion remaining and the room left to run differ from the stated terms.paceretfs.com
  • A smaller, thinly traded fund, so spreads can run wider than in the biggest names in the group. Income is not part of the design either.

Full BALT profile⁠

Full PSFJ profile⁠

BALT vs PSFJ Holdings

As of
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 PSFJ Cost

Overpaying BALT vs PSFJ

$3,637

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

  • BALT 0.69%

    $13,429

  • PSFJ 0.49%

    $9,792

$10,000
30 years

Cost over time

  • BALT 0.69%
  • PSFJ 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 $13,429PSFJ $9,792

Year by year

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

Expense ratio

  • 0.69%BALT
  • 0.49%PSFJ, cheaper
  • Middle half of S&P 500 Buffer 20% funds
  • Median 0.74%

PSFJ cheapest of 24 funds

BALT 9th cheapest of 24 funds

BALT vs PSFJ Dividends

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

Distribution history

BALTAll BALT payments⁠

No distribution history available.

PSFJAll PSFJ payments⁠

No distribution history available.

BALT vs PSFJ 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%, betterPSFJ 7.1%
Return per unit of riskSharpe ratio, 3 years
BALT 1.37PSFJ 1.51, better
Worst fallMax drawdown, 5 years
BALT −4.9%PSFJ −12.2%since Nov 2021
Market sensitivityBeta, 5 years
BALT 0.18PSFJ 0.55

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