ETF Portfolio Adjustments
Maltin Wealth Management Expands ETF Stakes, Adjusts Buffer ETF Portfolio
Key Points
Berkshire Money Management Inc. opened a new stake in Innovator International Developed Power Buffer ETF – November (INOV) during the first quarter, with a value of about $8.91 million.
Maltin Wealth Management increased its INOV holding by 113,874 shares in the quarter, bringing the total to 144,572 shares and an end-of-period value around $5.015 million.
Maltin opened a new position in Innovator U.S. Equity Buffer ETF – November (BNOV), acquiring 12,236 shares valued at roughly $526,000.
Maltin’s stake in Invesco RAFI Developed Markets ex-U.S. ETF (PXF) rose by 60,518 shares to 171,534 shares, making it the portfolio’s largest position at about 4.6% of the portfolio and roughly $11.99 million in value.
Maltin purchased 16,724 shares of PGIM S&P 500 Buffer 12 ETF – November (NOVP), valued at approximately $495,000.
Maltin Wealth Management Inc. made a sweeping bet on buffer ETFs in the first quarter of 2026, boosting its stake in Innovator International Developed Power Buffer ETF – November (INOV) by 370.9% to 144,572 shares, worth roughly $5 million, according to Ticker Report. The move was part of a broad tactical shift across several hedged equity products, with the firm's total INOV purchase adding 113,874 shares in a single quarter.
Maltin was not alone. Berkshire Money Management Inc. opened a brand-new position in the same fund, INOV, worth approximately $8.91 million, according to Watchlist News. Together, the two firms signal growing institutional demand for downside protection in international equity markets.
Maltin Stakes Its Largest Bet on International Value
Invesco RAFI Developed Markets ex-U.S. ETF (PXF) is now Maltin's single biggest holding. The firm added 60,518 shares, pushing its total to 171,534 shares valued at roughly $11.99 million, according to Ticker Report. That puts PXF at 4.6% of Maltin's total disclosed portfolio — a significant concentration in a single fund.
PXF tracks an index built on fundamentals like dividends and book value, not just market size. By making it the top position, Maltin is effectively betting that developed markets outside the U.S. — largely Europe and Japan — will outperform the domestic S&P 500 through the rest of 2026.
New Buffer ETF Positions Stack November-Series Protection
Maltin opened two new positions during the quarter. It bought 12,236 shares of Innovator U.S. Equity Buffer ETF – November (BNOV), valued at about $526,000. It also purchased 16,724 shares of PGIM S&P 500 Buffer 12 ETF – November (NOVP), worth roughly $495,000, according to Watchlist News.
Buffer ETFs use options strategies to protect investors from a set percentage of losses — usually 9% to 15% — in exchange for a cap on gains. By stacking multiple "November Series" funds, Maltin has effectively locked in downside protection through the end of 2026, analysts note. The strategy trades some upside for a safety floor.
Maltin Cuts BMAY as It Rotates Into Newer Series
Not every position grew. Maltin cut its stake in Innovator U.S. Equity Buffer ETF – May (BMAY) by 48.8%, trimming it from around 26,200 shares down to just 13,414 shares, according to Ticker Report. The firm also slashed its FT Vest U.S. Equity Equal Weight Buffer ETF – June (RSJN) position by 73.3%, selling 266,577 shares and keeping just 96,988.
Analysts say this looks like a classic series rotation. As older buffer cycles near expiration, advisors often shift capital into fresh series to reset the protection window. Maltin appears to be moving out of the May and June series and doubling down on November-dated funds, which reset their caps and buffers each November.
Broader Institutional Trend Toward Hedged Equity Grows
Maltin and Berkshire are not outliers. Buffer ETF inflows have surged in 2026 as high interest rates make the caps on these products more generous than in the low-rate era of 2020 and 2021. Higher rates allow fund issuers to buy cheaper options, freeing up room to offer investors better upside caps while keeping the same loss protection.
The risk is real, though. Critics argue that caps on gains — common in buffer ETFs — will cause these portfolios to badly lag if markets rally sharply. Fees, often 0.79% or higher, also eat into returns compared to low-cost index funds. For now, Maltin's Q1 filings show a firm that is choosing a defined outcome over an open-ended one.
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