BALT

BALT is an actively managed “structured outcome” ETF designed to track SPY’s price moves up to a preset upside cap while trying to buffer roughly the first 15–20% of downside over a defined three-month period.

It implements this by holding customized exchange-traded FLEX options that reset (new cap/buffer) at the start of each quarterly outcome period.

Results depend heavily on when you buy and whether you hold through the end of the outcome window.