LOUP
Innovator Deepwater Frontier Tech ETF
The Innovator Loup Frontier Tech ETF tracks an index of developed- and emerging-market stocks that are influencing the future of technology. Holdings are selected by fundamental criteria and equally weighted in two tiers.
Global
EQUITY
Rules-Based
MANAGEMENT STYLE
156.1 M
ASSETS UNDER MGMT
70 bp
EXPENSES
Fund Basics
| Fund sponsor | Innovator Capital Management |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Jul 24, 2018 |
| Assets (mns) | $156 |
| Expense ratio | 70 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Fundamental |
| Weighting | Tiered |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| HYNIX SEMICONDUCTOR INC | 7.0 % |
| MICRON TECHNOLOGY INC | 6.0 % |
| ROBLOX CORP. CLASS A | 4.2 % |
| AEROVIRONMENT INC | 4.0 % |
| COHERENT INC | 3.9 % |
| CELESTICA INC | 3.7 % |
| ASTERA LABS INC | 3.7 % |
| CIENA CORP | 3.7 % |
| DATADOG INC CLASS A | 3.4 % |
| FIRST SOLAR INC | 3.4 % |
Constituent Breakdown
| Number of holdings | 29 |
| Herfindahl-Hirschman Index | 361 |
| Wgt avg mkt cap (mns) | $95,932 |
| Large cap (>$10bn) | 81.8% |
| Mid cap ($2-10bn) | 8.8% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 87.8% |
| Emerging mkts. | 9.2% |
Country Exposure
 |
UNITED STATES | 68.5 % |
 |
SOUTH KOREA | 7.0 % |
 |
CANADA | 6.9 % |
 |
NETHERLANDS | 5.6 % |
 |
ISRAEL | 3.1 % |
 |
CAYMAN ISLANDS | 3.0 % |
 |
ARGENTINA | 2.9 % |
Historical Performance
Standardized Performance (as of 10/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 53.2% | 65.1% | 56.0% | 40.9% | 16.9% | -- | -- | 17.5% |
| Dividend Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -- | -- | 0.0% |
| Total Returns | 53.2% | 65.1% | 56.0% | 40.9% | 16.9% | -- | -- | 17.5% | Ann. Volatility | 39.0% | 38.0% | 32.1% | 31.1% | 32.1% | -- | -- | 32.1% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.94 | 70% |
| MSCI EAFE | 0.75 | 14% |
| MSCI Emg Mkts | 0.59 | 10% |
Liquidity Measures
| Avg. volume (000) | 22 |
| ADV traded (mns) | $2 |
| Turnover | 1.1% |
| Avg. Bid/Ask (% of price) | 0.28% |
Technical Indicators
| Recent close | $76.15 |
| 30d moving avg. | $77.88 |
| Annualized volatility | 30.0% |
| Relative strength (RSI) | 58 |
| Short interest | 5.1% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| IVES | Wedbush ETFMG Global Cloud Technology ETF | 25.8% | -2 bp | +6.0% |
| JTEK | JPMorgan U.S. Tech Leaders ETF | 23.0% | -5 bp | +1.6% |
| AIS | VistaShares Artificial Intelligence Supercycle ETF | 22.2% | +5 bp | +2.6% |
| SPRX | Spear Alpha ETF | 19.6% | +5 bp | +1.1% |
| AIVC | Amplify Bloomberg AI Value Chain ETF | 19.0% | -11 bp | +5.7% |
| DARP | Grizzle Growth ETF | 18.8% | +5 bp | +2.8% |
| CHPX | Global X AI Semiconductor & Quantum ETF | 17.6% | -20 bp | +3.2% |
| WTAI | WisdomTree Artificial Intelligence and Innovation Fund | 16.9% | -25 bp | +2.5% |
| TMAT | Main Thematic Innovation ETF | 15.7% | +94 bp | -1.5% |
| OGIG | ALPS O'Shares Global Internet Giants ETF | 15.4% | -22 bp | +2.2% |
Risk and Returns: LOUP vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 11/14/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may be less relevant.
ALTAR Score™
LOUP
1.3%
Cat. Avg
4.3%
ALTAR Score™ Calculation
Category Overview
There are 371 funds in the Global Equity category, with an average ALTAR Score™
of 4.3% and a standard deviation of
3.1%. LOUP's ALTAR Score™ is approximately
0.9 standard deviations
below
the category average. This places LOUP in the 17th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
LOUPSELL
U/W
HOLD
O/W
BUY