Data as of Nov 4, 2026.
BALT vs SEPM: Cap, Buffer & Days Left
As of Nov 4, 2026 SEPM can fall 1.4% before its buffer engages and BALT 0.6%, and BALT resets 260 days sooner.
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Net assets: $3.3bn on Nov 4, 2026 for Innovator Defined Wealth Shield ETF - Quarterly, and $38m on Nov 3, 2026 for FT Vest U.S. Equity Max Buffer ETF - September.
BALT: reference +0.5% since period start, fund +0.6%; buffer 0 to −20; cap +2.4%; Between buffer and cap. Data to Nov 4, 2026.
BALT: reference +0.5% since period start, fund +0.6%; buffer 0 to −20; cap +2.4%; Between buffer and cap. Data to Nov 4, 2026.SEPM: reference +0.7% since period start, fund +0.6%; buffer −0 to floor; cap +8.2%; Full floor. Data to Nov 4, 2026.
SEPM: reference +0.7% since period start, fund +0.6%; buffer −0 to floor; cap +8.2%; Full floor. Data to Nov 4, 2026.Pair scorecard
BALT costs 0.16 points a year less; both returned +6.4% over a year; BALT is far larger, $3.2bn against $38m.
Points (pts) are percentage points.
| Measure | BALT | SEPM |
|---|---|---|
| Return | ||
| Total return, 1 year | +6.4% | +6.4% |
| Drawdown | ||
| Index fall to the buffer | 0.5% | 0.7% |
| Benchmark | ||
| What it tracks | SPY | SPY |
| Cost and size | ||
| Expense ratio | 0.69% | 0.85% |
| Net assets, as of Nov 3, 2026 | $3.2bn | $38m |
| Holdings | ||
| Holdings in common | not published | |
Window by window
| Total return | Gap to the reference's price return | |||
|---|---|---|---|---|
| Window | BALT | SEPM | BALT | SEPM |
| 3 months | +1.3% | +1.3% | +1.7 pts | +1.6 pts |
| 6 months | +3.2% | +3.0% | −1.3 pts | −1.5 pts |
| 1 year | +6.4% | +6.4% | −7.1 pts | −7.2 pts |
| 3 years | +25.4% | – | −51.0 pts | – |
| Since launchNot the same days: BALT Jul 2021 · SEPM Sep 2024 | +36.5% | +13.3% | −41.7 pts | −21.3 pts |
Each fund's gap is to its reference's price return, dividends left out: the basis the outcome period uses. – means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
These are two different products. SEPM is a floor fund, which caps how far a holder can fall. BALT is a buffer fund, which absorbs the first part of a fall and leaves everything below it with the holder.
They do not reset together. BALT has 57 days of its period left and SEPM has 317, so the two are not the same bet on the same months.
Where each one stands today
BALT resets first, on Dec 31, 2026, 57 days from now; SEPM runs to Sep 17, 2027, 317 days. BALT can still gain 1.8% before its cap, SEPM 6.8%. A fall from here reaches BALT’s buffer after 0.6% and SEPM’s after 1.4%. Both track SPY, so what separates them is where each is in its own period.
BALT
From its price on Nov 4, 2026, the fund can gain about 1.8% more before it reaches its cap. The fund's price can fall 0.6% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.5% from today's level to the point where the buffer begins. Protection left, in index points: 20.0% of the 20.0% buffer still sits below today's SPY level. 57 days remained on Nov 4, 2026. On Dec 31, 2026 the period ends and a new cap is set.
SEPM
From its price on Nov 4, 2026, the fund can gain about 6.8% more before it reaches its cap. The fund's price can fall 1.4% from here before the buffer starts absorbing losses, by the issuer's number. In index terms, SPY can fall 0.7% from today's level to the point where the buffer begins. Protection left, in index points: 100.0% of the 100.0% buffer still sits below today's SPY level. 317 days remained on Nov 4, 2026. On Sep 17, 2027 the period ends and a new cap is set.
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Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
ETFIQ calculates every number from each issuer’s published outcome-period terms. Buffer ETFs hold options on an index, not shares, so there is no holdings overlap to report.
Every number is an ETFIQ calculation with distributions reinvested.
Cite this pageCitation, APA and Markdown
ETFIQ, BALT against SEPM, data as of Nov 4, 2026. https://etfiq.com/compare/buffer/balt-vs-sepm
ETFIQ. (Nov 4, 2026). BALT against SEPM. Retrieved from https://etfiq.com/compare/buffer/balt-vs-sepm
[BALT against SEPM (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/buffer/balt-vs-sepm)
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