BALT — Innovator Defined Wealth Shield ETF

BALT Fund Overview

BALT — Innovator Defined Wealth Shield ETF is a US ETF managed by Innovator ETFs Trust, categorised as Alternative. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Innovator ETFs Trust
• Category: Alternative
• Assets under management: $2.77B
• 1-year return: 6.4%
• Ticker: BALT
• SEC CIK: 0001415726
• SEC series ID: S000072431
• Share class ID: C000228657

BALT Investment Objective and Strategy

Innovator Defined Wealth Shield ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Innovator ETFs Trust.

Investment objective

The Fund seeks capital appreciation with a measure of downside protection by providing investors with returns that match the return of the Underlying ETF, up to the upside cap of 2.60% (prior to taking into account management fees and other Fund operating expenses) while seeking to provide a buffer against the first 20% (prior to taking into account management fees and other Fund operating expenses) of Underlying ETF losses, over the period from April 1, 2026 through June 30, 2026.

Principal investment strategy

General Strategy Description. Due to the unique mechanics of the Funds strategy, the return an investor can expect to receive from an investment in the Fund has characteristics that are distinct from many other investment vehicles. It is important that an investor understand these characteristics before making an investment in the Fund. The Fund has adopted a policy pursuant to Rule 35d -1 under the 1940 Act to invest, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to the State Street SPDR S&P 500 ETF Trust. The Funds strategy has been specifically designed to produce the Outcomes described below based upon the performance of the Underlying ETF over the duration of the Outcome Period. The Fund seeks replicate the performance of the Underlying ETF over the duration of the Outcome Period, subject to the below pre -determined Outcomes.

The Funds Defined Wealth Shield investment strategy seeks to limit downside losses via the operation of the Buffer, while simultaneously generating returns that match the Underlying ETF, up to the Cap. There is no guarantee that the Fund will be successful in its attempt to provide the Outcomes for an Outcome Period. Upside Cap. Fund shareholders are subject to the Cap, which represents the maximum percentage return an investor can achieve from an investment in the Fund over the duration of the Outcome Period. The Cap is set on the first day of the Outcome Period and is 2.60% prior to taking into account any fees or expenses charged to shareholders. When the Funds annual Fund management fee of 0.69% of the Funds average daily net assets is taken into account for the Outcome Period, the Cap is 2.42%.

Buffered Returns. The Fund seeks to provide shareholders that hold Shares for the entire Outcome Period with the Buffer, which for the current Outcome Period is 20% of Underlying ETF losses during the Outcome Period. The Funds shareholders will bear all Underlying ETF losses exceeding the Buffer on a one -to-one basis. When the Funds annual management fee equal to 0.69% of the Funds daily net assets is taken into account for the Outcome Period, the net Buffer for an Outcome Period is 19.82%. The Buffer is expected to be within a range of 15% to 20% of Underlying ETF losses for each Outcome Period. Although the Fund expects to set a Buffer within a range of 15% to 20%for each Outcome Period, there is no guarantee that the final Buffer set for an Outcome Period will be within this range or that the Fund will provide the Buffer.

It is possible that the Buffer will rise or fall from one Outcome Period to the next. To produce the Outcomes, the Fund invests in FLEX Options that reference the Underlying ETF and may also invest in the Underlying ETF (or the components thereof) directly. The Underlying ETF is an ETF that seeks to provide investment results that, before fees expenses, correspond generally to the total return performance of an index that tracks the performance of large capitalization exchange -traded U.S. equity securities, specifically the S&P 500 Index. For additional information regarding the Underlying ETF, see Additional Information Regarding the Funds Principal Investment Strategies. The hypothetical graphical illustration provided below is designed to illustrate the Outcomes that the Fund seeks to provide for investors who hold Shares for the entirety of the Outcome Period.

The returns that the Fund seeks to provide do not include the costs associated with purchasing Shares and certain expenses incurred by the Fund. The following table contains hypothetical examples designed to illustrate the Outcomes the Fund seeks to provide over an Outcome Period, based upon the performance of the Underlying ETF from -100 % to 100%. The table is provided for illustrative purposes and does not provide every possible performance scenario for Shares over the course of an Outcome Period. The table is not intended to predict or project the performance of the Fund or its holdings. Fund shareholders should not take this information as an assurance of the expected performance of the Underlying ETF or return on Shares. The actual overall performance of the Fund will vary with fluctuations in the value of its assets during the Outcome Period, among other factors.

Please refer to the Funds website, www.innovatoretfs.com/balt , which provides updated information relating to this table on a daily basis throughout the Outcome Period. Underlying ETF Performance Fund Performance* 100% 2.60% 50% 2.60% 20% 2.60% 15% 2.60% 10% 2.60% 5% 2.60% 0% 0% (5)% 0% (10)% 0% (15)% 0% (20)% 0% (50)% (30)% (100)% (80)% * The Funds returns listed herein are provided prior to taking into account any fees or expenses charged to shareholders. The Funds annual management fee of 0.69% of the Funds average daily net assets, any shareholder transaction fees, any acquired fund fees and expenses, and any extraordinary expenses incurred by the Fund will have the effect of reducing the returns listed herein. The Outcomes may only be realized by investors who continuously hold Shares from the commencement of the Outcome Period until its conclusion.

Investors who purchase Shares after the Outcome Period has begun or sell Shares prior to the Outcome Periods conclusion may experience investment returns that are very different from those that the Fund seeks to provide . In addition, because the Fund is designed to achieve Outcomes that change for each three -month Outcome Period, the Outcomes that are achieved by the Fund for a three -month Outcome Period will be different than the Outcomes achieved by the Fund over multiple Outcome Periods, or on an annualized basis. Similarly, investors holding Shares over multiple Outcome Periods will experience different investment results than holding a fund that has a longer Outcome Period ( e.g. , one year). Upon conclusion of the Outcome Period, the Fund will receive the cash value of all the FLEX Options it held for the prior Outcome Period.

It will then invest in a new series of FLEX Options with an expiration date of approximately three months in the future, and a new Outcome Period will begin. The Outcomes the Fund seeks to provide and discussed herein are provided based on the Funds NAV, whereas shareholders purchase or sell Shares on the Exchange at market prices. Any disconnect between the Funds NAV and market prices of Shares will result in returns that deviate from the Outcomes the Fund seeks to provide. The Funds investment adviser is Innovator Capital Management, LLC ( Innovator or the Adviser ) and the Funds investment sub -adviser is Milliman Financial Risk Management LLC ( Milliman or the Sub -Adviser ). The Fund is classified as a non -diversified company under the Investment Company Act of 1940, as amended (the 1940 Act ).

To the extent the Underlying ETF concentrates ( i.e. , holds 25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent. Through its exposure to the Underlying ETF, the Fund has significant exposure to companies in the information technology sector. The Outcome Period. The Outcome Period is an approximately three -month period. The current Outcome Period is from April 1, 2026 through June 30, 2026. The Funds sought -after Outcomes are designed to be provided at the conclusion of the Outcome Period, and are based upon the Funds NAV at the outset of the Outcome Period. Each FLEX Options value is ultimately derived from the performance of the Underlying ETF during that time. Because the terms of the FLEX Options dont change, the Cap and Buffer both relate to the Funds NAV on the first day of the Outcome Period.

Further, since the Funds option contracts are exercisable at the conclusion of the Outcome Period, the Outcomes are only provided at the end of the Outcome Period. Therefore, to achieve the Outcomes sought by the Fund for the Outcome Period, an investor must hold Shares from the commencement of the Outcome Period through its conclusion. There is no guarantee that the Fund will be successful in its attempt to provide the Outcomes. The Funds NAV is based upon the value of its portfolio which consists of FLEX Options, and may also include shares of the Underlying ETF (or the components thereof). Although the value of the Underlying ETFs share price is a significant component of the value of the Funds FLEX Options, the value of the Funds FLEX Options (and therefore, the Funds NAV) will not increase or decrease at the same rate as the Underlying ETFs share price on a daily basis.

The time remaining until those FLEX Options expire, which is at the conclusion of the Outcome Period, also affects their value. The Sub -Adviser generally anticipates that the Funds NAV will increase on days when the Underlying ETFs share price increases and will decrease on days when the Underlying ETFs share price decreases, but that the rate of such increase or decrease will be less than that experienced by the Underlying ETF. For additional information regarding the Outcome Period, including the potential impacts of purchasing and selling intra -Outcome Period, see Additional Information Regarding the Funds Principal Investment Strategies. Cap on Potential Upside Returns. Unlike other investment products, the potential upside returns an investor can receive from an investment in the Fund over the Outcome Period is subject to the Cap.

The Cap represents the maximum percentage return an investor can achieve from an investment in the Fund over the duration of the Outcome Period. Therefore, even though the Funds returns are based upon the performance of the Underlying ETF, if the Underlying ETF experiences returns for the Outcome Period in excess of the Cap, the Fund will not participate in such excess returns. The Cap is determined on the first day of the Outcome Period and is 2.60% prior to taking into account any fees or expenses charged to shareholders. When the Funds annual Fund management fee of 0.69% of the Funds average daily net assets is taken into account for the Outcome Period, the Cap is 2.42%. The Cap will be further reduced by any shareholder transaction fees, any acquired fund fees and expenses, and any extraordinary expenses incurred by the Fund.

The Cap will change from one Outcome Period to the next based upon prevailing market conditions at the beginning of the Outcome Period. The Cap is also set forth on the Funds website at www.innovatoretfs.com/balt. Buffer. The Fund seeks to provide shareholders who hold Shares for the entire Outcome Period with a buffer against Underlying ETF losses during the Outcome Period. The amount of the Buffer that the Fund ultimately provides for an Outcome Period is determined based upon the prevailing market conditions at the beginning of an Outcome Period and is a set percentage established at the commencement of each Outcome Period. The Buffer is expected to be set within a range from 15% to 20% of Underlying ETF losses for each Outcome Period, although there is no guarantee the Buffer will be within that range for a particular Outcome Period and the Buffer may change from one Outcome Period to the next.

The Buffer for the current Outcome Period is 20%; however, there is no guarantee that the Fund will be successful in its attempt to provide buffered returns. After the Underlying ETFs share price has decreased by more than the Buffer, the Fund will experience all subsequent losses on a one -to-one basis.

BALT Holdings

Top 1 holdings of Innovator Defined Wealth Shield ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all BALT holdings

BALT Portfolio Allocation

Asset-class allocation of Innovator Defined Wealth Shield ETF by percentage of net assets, from the latest SEC N-PORT filing.

BALT Performance

Total returns for BALT (as of 2026-10-01), from SEC filings.

BALT Risk Information

Risk metrics for BALT, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 2.0%

BALT Costs and Fees

BALT costs about $69 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.69%
• Gross expense ratio: 0.69%
• Portfolio turnover: 0%
• Brokerage commissions: 9.83 bps of average net assets (SEC N-CEN)

BALT Cashflows

Over the 12 months to 2026-07, Innovator Defined Wealth Shield ETF had net inflows of $1.02B, from monthly SEC N-PORT filings.

BALT Debt Constituents

No individual debt constituents are reported in Innovator Defined Wealth Shield ETF's latest SEC N-PORT filing.

BALT Prospectus and SEC Filings

Official Innovator Defined Wealth Shield ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus supplement (497) — filed 2026-04-01
• Prospectus supplement (497) — filed 2025-10-01
• Prospectus supplement (497) — filed 2025-04-01
• Portfolio holdings (N-PORT) — filed 2026-09-28
• Portfolio holdings (N-PORT) — filed 2026-06-26
• Portfolio holdings (N-PORT) — filed 2026-03-27
• Annual census (N-CEN) — filed 2026-01-13
• Annual census (N-CEN) — filed 2025-01-15

Related Funds

Other Alternative funds tracked on ABC INVEST:

• iShares 0-3 Month Treasury Bond ETF (SGOV)
• Vanguard Short-Term Inflation-Protected Securities Index Fund (VTAPX)
• SPDR® Bloomberg Barclays 1-3 Month T-Bill ETF (BIL)
• Vanguard Inflation-Protected Securities Fund (VIPSX)
• iShares 0-1 Year Treasury Bond ETF (SHV)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.