XTAP
Innovator U.S. Equity Accelerated Plus ETF
XTAP aims for 3x upside return of SPY to a cap, with approximately single exposure on the downside, over a one-year outcome period.
Risk Management
DERIVATIVES
Active
MANAGEMENT STYLE
26.7 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) | $27 |
| 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 5.56 C | 101.9 % |
| SPY 03/31/2026 559.36 C | 28.6 % |
| CASH & OTHER | 0.2 % |
| SPY 03/31/2026 590.44 C | -30.7 % |
Asset Allocation
Historical Performance
Standardized Performance (as of 06/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 10.4% | 18.1% | 16.0% | 16.4% | -- | -- | -- | 9.8% |
| Dividend Yield | 0.0% | 0.0% | 0.0% | 0.0% | -- | -- | -- | 0.0% |
| Total Returns | 10.4% | 18.1% | 16.0% | 16.4% | -- | -- | -- | 9.8% | Ann. Volatility | 21.2% | 16.3% | 12.6% | 15.8% | -- | -- | -- | 15.8% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.84 | 86% |
| MSCI EAFE | 0.62 | 50% |
| MSCI Emg Mkts | 0.42 | 24% |
Liquidity Measures
| Avg. volume (000) | 6 |
| ADV traded (mns) | $0 |
| Turnover | 0.9% |
| Avg. Bid/Ask (% of price) | 0.33% |
Technical Indicators
| Recent close | $38.18 |
| 30d moving avg. | $37.33 |
| Annualized volatility | 14.5% |
| Relative strength (RSI) | 63 |
| Short interest | 2.0% |
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 |
| XTAP (79 bp) Percentile rank | 26 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| XTAP | 79.0 | 32.7 | 111.7 |
| Peer Avg. | 94.4 | 36.2 | 130.6 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .