BALT: A Wealth Shield ETF With Consistent Performance History

The Innovator Defined Wealth Shield ETF (BALT) stands out as the most defensive quarterly Buffer ETF™ in Innovator's lineup. Designed to act as an equity-based diversifier against fixed income allocations, BALT offers exposure to U.S. equities with built-in downside protection and no interest-rate or credit risk¹.

What sets BALT apart is its 20% quarterly buffer* against losses, along with upside participation in U.S. equities up to a 2.40% cap. Since launching in mid-2021, BALT has delivered as promised. The ETF has effectively shielded investors from losses in market downturns and has tracked equity gains up to its cap when markets were rising.

Although the Fund targets a 20% buffer, it may fall into a range of 15-20%; there is no guarantee that the buffer will be within this range or that the Fund will provide the buffer.

A standout example came in 2022, when rising inflation, interest-rate hikes and the outbreak of war in Ukraine tested both equity and bond markets. Though the S&P 500 ended the year down 18% and the U.S. Aggregate Bond Index fell 13%, BALT returned 2.5% thanks to its quarterly reset feature and ability to buffer against market dips under 20%.

Since its inception, BALT has outperformed the U.S. Aggregate Bond Index² by more than 25%, all while exhibiting less than half the volatility. This risk-adjusted performance has positioned it as a potential diversifier away from fixed income, in modern portfolios, especially in allocations shifting away from the traditional 60/40 equity/fixed income model toward strategies like 60/20/20 equity/fixed income/buffer model, where Defined Outcome ETFs™ like BALT fill the buffer allocation.

On top of its defensive performance, BALT also offers the tax efficiency³ of the ETF structure, with no recurring distributions anticipated and potential long-term capital gains treatment if held more than a year.

For investors looking to strengthen their portfolios with a buffer strategy that has performed as designed, BALT is a compelling option. Learn more and access performance data and commentary at etf.com/BALT. 

^* The cap and buffer have been stated gross of fees and expenses. Investors must be willing to hold the Fund for the duration of its Outcome Period.  

¹ ETFs are not backed by the faith and credit of an issuing institution, so they are not exposed to credit risk.

² The U.S. Aggregate Bond Index is a broad-based index representing intermediate term investment grade bonds traded in the U.S.  

³ ETFs use creation units, which allow for the purchase and sale of assets in the fund collectively. Consequently, ETFs usually generate fewer capital gain distributions overall, which can make them somewhat more tax-efficient than mutual funds. 

As of 6/30/2025. BALT inception date: 6/30/2021; expense ratio: 0.69%. Returns for a period of less than a year are cumulative.

Performance quoted represents past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit innovatoretfs.com/BALT for current month-end performance.  

Shares are bought and sold at market price, not net asset value (NAV), and are not individually redeemable from the Fund. NAV represents the value of each share’s portion of the Fund’s underlying assets and cash at the end of the trading day. Market price returns reflect the midpoint of the bid/ask spread as of the close of trading on the exchange where Fund shares are listed.  

The Fund has characteristics unlike many other traditional investment products and may not be suitable for all investors. For more information regarding whether an investment in the Fund is right for you, please see "Investor Suitability" in the prospectus.

The Fund faces numerous market trading risks, including active markets risk, authorized participation concentration risk, buffered loss risk, cap change risk, capped upside return risk, correlation risk, liquidity risk, management risk, market maker risk, market risk, non-diversification risk, operation risk, options risk, trading issues risk, upside participation risk and valuation risk. For a detailed list of Fund risks see the prospectus.

Fund shareholders are subject to an upside return cap (the "Cap") that represents the maximum percentage return an investor can achieve from an investment in the Fund for the Outcome Period, before fees and expenses. If the Outcome Period has begun and the Fund has increased in value to a level near to the Cap, an investor purchasing at that price has little or no ability to achieve gains but remains vulnerable to downside risks. Additionally, the Cap may rise or fall from one Outcome Period to the next. The Cap, and the Fund's position relative to it, should be considered before investing in the Fund. The Fund's website, www.innovatoretfs.com, provides important Fund information as well information relating to the potential outcomes of an investment in a Fund on a daily basis.

The Fund only seeks to provide shareholders that hold shares for the entire Outcome Period with the buffer level against losses of the reference asset during the Outcome Period. You will bear all reference asset losses exceeding the buffer. Depending upon market conditions at the time of purchase, a shareholder that purchases shares after the Outcome Period has begun may also lose their entire investment. For instance, if the Outcome Period has begun and the Fund has decreased in value beyond the pre-determined buffer, an investor purchasing shares at that price may not benefit from the buffer. Similarly, if the Outcome Period has begun and the Fund has increased in value, an investor purchasing shares at that price may not benefit from the buffer until the Fund’s value has decreased to its value at the commencement of the Outcome Period.

The outcomes that the Fund seeks to provide may only be realized if you are holding shares on the first day of the Outcome Period and continue to hold them on the last day of the Outcome Period, approximately one quarter. There is no guarantee that the Outcomes for an Outcome Period will be realized or that the Fund will achieve its investment objective.

In seeking to provide a significant measure of downside protection on a quarterly basis, the options-based strategy underpinning BALT will likely offer investors an upside cap that is substantially lower than equity Buffer ETFs™ that operate over an annual outcome period.

The Fund is designed to provide point-to-point exposure to the price return of the Reference Asset via a basket of Flex Options. As a result, the Fund is not expected to move directly in line with the Reference Asset during the interim period.

FLEX Options Risk. The Fund will utilize FLEX Options issued and guaranteed for settlement by the Options Clearing Corporation (OCC). In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses. Additionally, FLEX Options may be less liquid than standard options. In a less liquid market for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices. The values of FLEX Options do not increase or decrease at the same rate as the reference asset and may vary due to factors other than the price of reference asset.

The Fund's investment objectives, risks, charges and expenses should be considered carefully before investing. The prospectus and summary prospectus contain this and other important information, and it may be obtained at innovatoretfs.com. Read it carefully before investing.

Investing involves risk. Principal loss is possible. Innovator ETFs are distributed by Foreside Fund Services, LLC.

The following marks: Buffer ETF™, Defined Income ETF™, Defined Outcome ETFs™, Defined Protection ETF®, Define Your Future®, and all related names, logos, product and service names, designs, and slogans are the trademarks of Innovator Capital Management, LLC, its affiliates or licensors. Use of these terms is strictly prohibited without proper written authorization.