At a glance
LOUP charges 0.7% a year, above the 0.69% average of the 5 funds most like it (the 3rd cheapest of 6). It has $200.3M in assets, the 5th largest of that group. Over the past year it returned −0.2% with distributions reinvested (S&P 500: +11.5%), 3rd of those 6 funds; over three years it returned +34.7% a year. At its worst it fell 41.5% in the 2020 crash (S&P 500: 33.7%) and 50.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 25 months after the lows. Its ten largest positions make up 39.8% of the fund, out of 30 in all.
The short version
Innovator Deepwater Frontier Tech ETF (LOUP) is an actively managed fund. It holds about 30 stocks that Deepwater Asset Management considers to be on the frontier of new technology, such as artificial intelligence, robotics, fintech and electric vehicles. It is concentrated and volatile: it lost 46% in 2022 and gained 43% in 2025. Its 0.70% expense ratio is close to the 0.69% average of similar funds.
Price history
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LOUP -0.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| LOUP official prospectus, to Dec 31, 2024 | — | +43.41% | — | +8.95% | — | +16.22% |
| LOUP price data to Oct 27, 2026 | +5.5% | -0.2% | +34.7% | +8.2% | — | +15.1% |
- Over the year to Oct 27, 2026, LOUP returned -0.2%, 3rd of 6 among similar funds.
- Its 5-year annualized return was +8.2%.
- In the 2020 COVID crash it fell 41.5% and regained its old high 2.6 months after the low.
- Its worst full calendar year was 2022 (-46.0%); its best was 2020 (+86.3%).
- The deepest fall in its price history was 58.7% (Feb 12, 2021 to Oct 14, 2022), recovered by Jul 21, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.5% | — |
| 2025 | +43.2% | +43.41% |
| 2024 | +21.8% | +21.83% |
| 2023 | +51.3% | +50.73% |
| 2022 | -46.0% | -45.86% |
| 2021 | +7.5% | +7.67% |
| 2020 | +86.3% | +86.08% |
| 2019 | +31.8% | +31.62% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 37% over that stretch · deepest drop along the way 41.5%, back to its old high 2.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 50.3% over that stretch · deepest drop along the way 50.3%, back to its old high 24.9 months after the low |
What's inside
As of Jul 31, 2026, the fund held 30 securities; the ten largest made up 39.79% of assets. It also reported 10.51% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Cerebras Systems Inc | 5.49% | |
| BE Semiconductor Industries NV | 4.16% | |
| Marvell Technology Inc | 4.06% | |
| Credo Technology Group Holding | 4.01% | |
| Snowflake Inc | 3.88% | |
| Global-e Online Ltd | 3.78% | |
| NU Holdings Ltd/Cayman Islands | 3.70% | |
| MercadoLibre Inc | 3.59% | |
| ServiceNow Inc | 3.57% | |
| Datadog Inc | 3.55% | |
| Shopify Inc | 3.40% | |
| Siemens Energy AG | 3.39% | |
| Take-Two Interactive Software | 3.34% | |
| Vistra Corp | 3.31% | |
| AeroVironment Inc | 3.27% |
By country
United States 65.81%Canada 9.19%Germany 6.43%Netherlands 4.16%Israel 3.78%By asset type
Stocks 99.86%By sector
Sectors of the companies held, for the 41.2% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $13.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +21.55%, +1.00%, -13.48%.
How it works
LOUP is actively managed, so it does not simply copy an index. Innovator Capital Management is the adviser. Deepwater Asset Management, a sub-adviser, picks the stocks. A second sub-adviser, Penserra Capital Management, handles trading, rebalancing and cash. Deepwater starts from its own rules-based Deepwater Frontier Tech Index. That index covers five themes: artificial intelligence, autonomous and electric vehicles (including energy storage), fintech, robotics, and virtual or augmented reality.
A company qualifies for the index if it earns at least 50% of its revenue from one theme. It can also qualify by meeting two of three tests: at least 25% of revenue from the themes, theme revenue growth above 25% in the latest year, or theme spending growth above 25%. From that list, Deepwater picks about 30 stocks. It weights them by its view of each company's growth potential and likely influence on future technology. It can also buy stocks that are not in the index.
The fund can own large or small companies and foreign stocks, including depositary receipts (US-traded certificates that stand for foreign shares). It can also own Chinese companies through variable interest entities (VIEs). In a VIE, investors own a shell company that is tied to the business by contract, not by direct ownership. The prospectus reports portfolio turnover of 117%, meaning the fund traded the equivalent of more than its whole portfolio in a year. That can raise trading costs and taxable distributions.
What it really costs
- LOUP charges 0.7% a year, versus an average of 0.69% for the similar funds below (3rd of 6, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $72 in the first year and $871 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| LOUP | $72 | $224 | $390 | $871 |
In a retirement portfolio
It is a concentrated fund of about 30 frontier tech stocks with a 1-year beta of 2.14 as of October 27, 2026 and no income, so it fits best as a small add-on to broader holdings.
LOUP could add growth potential from emerging technology, but with large swings. It launched in 2018, so it has no 2008 record. In the 2020 COVID crash it fell 41.5% between February 19 and March 18, 2020, then recovered by June 5, 2020. The 2022 bear market was harsher: it dropped 50.3% and did not recover until November 7, 2024. Its deepest decline, 58.7% from February 2021 to October 2022, took 33.2 months to recover. Anyone forced to sell in a year like 2022, when it lost 46%, would have locked in heavy losses. It paid no distributions, so it provides no income. It costs 0.70% a year, or $871 over 10 years on $10,000 under the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a concentrated, actively picked group of about 30 AI, chip, software and fintech stocks, such as Cerebras, Marvell and Snowflake.
- Long-term holders who can live through drops like the 58.7% fall from February 2021 to October 2022, which took 33.2 months to recover.
- Investors who want some non-US tech exposure. About a third of assets were outside the US as of July 31, 2026, including Canada and Germany.
Look elsewhere if
- Retirees who need regular income from their holdings. LOUP recorded no distributions, so it provides no yield.
- Investors who may need to sell in a downturn. LOUP lost 46% in 2022 and had a 1-year beta of 2.14.
- Cost- or tax-sensitive investors. Its 0.70% expense ratio and 117% turnover can mean extra trading costs and taxable distributions.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| LOUP this fund | — | 0.7% | $200.3M | -0.2% | +34.7% |
| THNQ ROBO Global Artificial Intelligence ETF | 16% | 0.68% | $416.1M | +34.4% | +42.4% |
| ARKF ARK Fintech Innovation ETF | 11% | 0.75% | $700.8M | -23.9% | +36.8% |
| LGRO Level Four Large Cap Growth Active ETF | 11% | 0.5% | $142.1M | +13.1% | +27.6% |
| SPRX Spear Alpha ETF | 10% | 0.75% | $291.5M | -4.6% | +36.5% |
| ARKK ARK Innovation ETF | 8% | 0.75% | $5.56B | -6.1% | +35.5% |
Questions investors ask
Is LOUP a good ETF for retirement?
LOUP fits better as a small, higher-risk slice of a retirement portfolio than as a core holding. It owns about 30 frontier tech stocks and pays no distributions. It has also had deep losses: 46% in 2022, and a 58.7% peak-to-trough drop that took 33.2 months to recover, finally doing so on July 21, 2025. Retirees who might need to sell shares in a bad year would bear that risk directly.
Does LOUP pay dividends?
No. LOUP has no recorded distributions, so it has no yield. Its returns come only from changes in its share price. Its holdings, such as Cerebras Systems, Snowflake and Datadog, are growth-focused tech companies, a group that tends to reinvest profits rather than pay them out. Investors who want income from a retirement portfolio would need to get it from other holdings.
What are LOUP's top holdings?
As of July 31, 2026, LOUP's largest holdings were Cerebras Systems (5.5%), BE Semiconductor Industries (4.2%), Marvell Technology (4.1%), Credo Technology (4.0%) and Snowflake (3.9%). The top 10 made up 39.8% of the fund, which held 30 companies in total. About 66% was in US companies. Most of the rest was in Canada, Germany, the Netherlands, Israel and Brazil.
LOUP vs THNQ: what's the difference?
THNQ, the ROBO Global Artificial Intelligence ETF, shares more holdings with LOUP than any other fund, but the overlap is only 16%. In practice, they are quite different portfolios. THNQ charges 0.68% a year and LOUP charges 0.70%. As of October 27, 2026, THNQ returned 34.4% over one year, against LOUP's -0.2%. Over three years, THNQ returned 42.4% a year and LOUP 34.7%. LOUP is actively managed and covers AI, fintech, robotics, electric vehicles and virtual reality.
What is LOUP's expense ratio?
LOUP's expense ratio is 0.70% a year, according to its prospectus filed February 27, 2026. That is close to the 0.69% average of similar funds and ranks 3rd lowest of 6. In the SEC's standard example, $10,000 earning 5% a year would pay about $72 in costs over one year, $224 over three, $390 over five and $871 over ten. Its 117% turnover can add trading costs that the expense ratio does not include.