At a glance
BALT charges 0.69% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $2.77B in assets, the 2nd largest of that group. Over the past year it returned +6.1% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +8.2% a year.
The short version
Innovator Defined Wealth Shield ETF (BALT) uses FLEX options (customizable exchange-listed options) on the SPDR S&P 500 ETF Trust. It aims to absorb the first 20% of losses over each three-month outcome period. In exchange, gains are capped very low: 2.09% before fees for the January 1 to March 31, 2026 period. Its 0.69% expense ratio is the lowest of eight buffer funds compared, but its returns ranked last.
Price history
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BALT +6.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BALT official prospectus, to Dec 31, 2024 | — | +6.64% | — | — | — | +6.06% |
| BALT price data to Oct 27, 2026 | +4.6% | +6.1% | +8.2% | — | — | +6.8% |
- Over the year to Oct 27, 2026, BALT returned +6.1%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+6.7%); its best was 2024 (+10.0%).
- The deepest fall in its price history was 4.9% (Feb 20, 2025 to Apr 8, 2025), recovered by Jun 2, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.6% | — |
| 2025 | +6.7% | +6.64% |
| 2024 | +10.0% | +10.03% |
| 2023 | +7.5% | +7.45% |
| 2022 | — | +2.54% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Not in the price data, which starts Feb 11, 2022 |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $316.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.56%, +0.30%, +0.47%.
How it works
BALT doesn't pick stocks. At least 80% of its net assets go into investments tied to the State Street SPDR S&P 500 ETF Trust, which tracks the S&P 500 Index. Innovator builds this exposure mainly with FLEX options on that ETF. A FLEX option is an exchange-traded option with custom terms. As of July 31, 2026, one deep in-the-money call option made up about 99% of assets. A bought put and two sold options set the floor and the ceiling.
The fund works in three-month outcome periods. At the start of each period it sets a buffer and a cap. The buffer is the share of losses it seeks to absorb, expected to be 15% to 20%. The cap is the most you can gain. For January 1 to March 31, 2026, the buffer was 20% and the cap was 2.09%, or about 19.82% and 1.91% after the 0.69% fee. Losses beyond the buffer pass through one-for-one. In the prospectus example, a 50% drop in the underlying ETF leaves the fund down 30%.
These outcomes apply only to shares held for the whole period. If you buy or sell partway through, your results may be very different. Results over several quarters also won't add up to any single period's cap and buffer. The fund is non-diversified, and its options can be harder to value in stressed markets.
What it really costs
- BALT charges 0.69% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $70 in the first year and $859 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BALT | $70 | $221 | $384 | $859 |
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
A quarterly 20% buffer kept price swings very small, but the low cap gives up most stock-market gains.
BALT launched in July 2021, so it has no record from the 2008 or 2020 crashes. In the 2022 bear market it returned 2.54% for the year, and its worst quarter was a 0.21% dip ending June 30, 2022. Its deepest price drop was 4.9%, from February 20 to April 8, 2025. It recovered by June 2, 2025, about 1.8 months later. That steadiness may help someone who has to sell shares in a bad year. The fund paid no distributions, so the only way to get cash out is to sell shares.
The trade-off is limited upside. Its one-year return was 6.1% as of October 27, 2026, last of eight buffer funds compared. The buffer won't cover losses beyond 20%. Costs are 0.69% a year, which is $70 in year one on $10,000 under the SEC example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure with a 20% quarterly loss buffer and accept gains capped near 2% per quarter.
- Holders who value low swings: the deepest price drop was 4.9%, recovered in about 1.8 months by June 2025.
- Buffer-fund shoppers who care about cost, since 0.69% was the lowest of eight buffer funds compared.
Look elsewhere if
- Anyone who needs regular income, because BALT paid no distributions.
- Investors seeking stock-like growth: its one-year return of 6.1% ranked last of eight buffer funds as of October 27, 2026.
- Buyers who can't time purchases to the quarterly reset, since buying mid-period can produce very different buffer and cap results.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| BALT this fund | 0.69% | $2.77B | +6.1% | +8.2% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does BALT pay dividends?
No. BALT has no recorded distributions. It holds FLEX options on the SPDR S&P 500 ETF Trust rather than the stocks themselves, so the S&P 500's dividends don't pass through to holders as income. Returns come only from changes in share price, within the cap and buffer of each three-month outcome period. Retirees who need cash would have to sell shares, and a fund built for income may fit that need better.
How does the BALT buffer work?
BALT seeks to absorb the first 20% of losses in the SPDR S&P 500 ETF Trust over each three-month outcome period. In return, gains are capped. For January 1 to March 31, 2026, the cap was 2.09% before fees and 1.91% after. Losses beyond 20% pass through one-for-one, and the buffer is expected to be set between 15% and 20% each period. The full buffer applies only to shares held for the entire period.
Can you lose money in BALT?
Yes. The buffer covers only the first 20% of the underlying ETF's losses in each outcome period. In the prospectus example, a 50% fall leaves the fund down 30%. Fees reduce returns, and buying after a period starts can leave you with less protection. In practice, losses were small: the deepest price drop was 4.9% in early 2025, and the worst quarter was a 0.21% loss ended June 30, 2022.
BALT vs PJAN: what's the difference?
Both are Innovator buffer funds tied to US large-company stocks. BALT resets every three months with a 20% buffer and a very low cap. It costs 0.69% a year, compared with 0.79% for PJAN (Innovator U.S. Equity Power Buffer ETF – January). PJAN has earned more: 10.5% over one year and 14.8% a year over three years as of October 27, 2026, versus 6.1% and 8.2% for BALT. In exchange, BALT has kept price swings very small.
What happens if I buy BALT in the middle of an outcome period?
Your results may differ a lot from the stated buffer and cap. These apply only to shares held from the first day of a three-month outcome period to the last. If the fund has already gained, you may have little upside left before the cap. If it has fallen, part of the buffer may already be used up. Innovator's website, innovatoretfs.com/balt, updates the remaining buffer and cap daily.