XBAP
Innovator U.S. Equity Accelerated 9 Buffer ETF - April
XBAP aims for 2x the price return of the SPDR S&P 500 ETF (SPY), subject to an upside return cap and downside buffer over a specific holdings period.
Risk Management
DERIVATIVES
Active
MANAGEMENT STYLE
251.4 M
ASSETS UNDER MGMT
79 bp
EXPENSES
Fund Basics
| Fund sponsor | Innovator |
| Category | Risk Management |
| Asset class | Derivatives |
| Website | link... |
| Inception date | Apr 01, 2021 |
| Assets (mns) | $252 |
| Expense ratio | 79 bp |
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Derivatives-based | Yes |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top Holdings
| SPY 03/31/2026 5.57 C | 101.6 % |
| SPY 03/31/2026 559.37 C | 12.2 % |
| SPY 03/31/2026 559.37 P | 3.7 % |
| CASH & OTHER | 0.2 % |
| SPY 03/31/2026 509.02 P | -2.2 % |
| SPY 03/31/2026 595.14 C | -15.5 % |
Asset Allocation
Historical Performance
Standardized Performance (as of 05/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 5.4% | 13.6% | 13.3% | 11.1% | -- | -- | -- | 8.6% |
| Dividend Yield | 0.0% | 0.0% | 0.0% | 0.0% | -- | -- | -- | 0.0% |
| Total Returns | 5.4% | 13.6% | 13.3% | 11.1% | -- | -- | -- | 8.6% | Ann. Volatility | 16.5% | 11.6% | 9.0% | 11.4% | -- | -- | -- | 10.9% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.58 | 87% |
| MSCI EAFE | 0.47 | 59% |
| MSCI Emg Mkts | 0.33 | 30% |
Liquidity Measures
| Avg. volume (000) | 13 |
| ADV traded (mns) | $0 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.25% |
Technical Indicators
| Recent close | $36.31 |
| 30d moving avg. | $35.97 |
| Annualized volatility | 10.5% |
| Relative strength (RSI) | 58 |
| Short interest | 0.4% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Expense Analysis
| Peer Group | Active Risk Management Derivatives ETFs |
| # of ETFs | 109 |
| Avg. Expense Ratio | 85.0 bp |
| Std. Deviation | 17 bp |
| XBAP (79 bp) Percentile rank | 27 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| XBAP | 79.0 | 24.9 | 103.9 |
| Peer Avg. | 93.9 | 36.4 | 130.3 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .