At a glance
QTAP charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $20.4M in assets, the 8th largest of that group. Over the past year it returned +20.2% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +21.9% a year. At its worst it fell 28.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months after the low.
The short version
Innovator Growth Accelerated Plus ETF - April (QTAP) is a defined-outcome fund: it holds options on the Invesco QQQ Trust, which tracks the Nasdaq-100 Index, to target preset results over year-long periods starting each April. It seeks three times QQQ's gains up to a cap (21.15% before fees for April 2025 through March 2026) while taking roughly the same losses, with no cushion. Its 0.79% annual expense ratio is below the 0.86% average of similar funds.
Price history
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QTAP +20.2% 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 | |
|---|---|---|---|---|---|---|
| QTAP official prospectus, to Dec 31, 2024 | — | +19.48% | — | — | — | +12.58% |
| QTAP price data to Oct 27, 2026 | +18.7% | +20.2% | +21.9% | +12.6% | — | +13.7% |
- Over the year to Oct 27, 2026, QTAP returned +20.2%, 1st of 8 among similar funds.
- Its 5-year annualized return was +12.6%.
- Its worst full calendar year was 2022 (-25.9%); its best was 2023 (+43.3%).
- The deepest fall in its price history was 29.4% (Apr 4, 2022 to Dec 28, 2022), recovered by Nov 10, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +18.7% | — |
| 2025 | +19.4% | +19.48% |
| 2024 | +17.3% | +17.20% |
| 2023 | +43.3% | +43.20% |
| 2022 | -25.9% | -25.69% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 26.6% over that stretch · deepest drop along the way 28.5%, back to its old high 13 months after the low |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $3.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.10%, -0.28%, -0.56%.
How it works
QTAP normally invests at least 80% of net assets in exposure to the Invesco QQQ Trust, an ETF tracking the Nasdaq-100 Index of the largest nonfinancial companies listed on Nasdaq. It uses FLEX Options, which are customizable exchange-traded options. As of July 31, 2026, it held three calls on QQQ (rights to purchase at set prices). One had a near-zero strike price and tracks QQQ almost one-for-one (about 106% of assets). Another was a purchased call (about 45%). The third was a sold call (about -51%) that sets the cap.
If QQQ rises over a yearlong outcome period, the fund seeks three times the gain, up to a cap. For April 1, 2025 through March 31, 2026, the cap was 21.15% before fees, or 20.36% after the 0.79% management fee. A 5% QQQ gain would become 15%, and a 10% gain hits the cap. If QQQ falls, the fund seeks roughly the same loss, with no buffer (cushion). It is not a daily-reset leveraged fund. The tripling applies only to gains over the full period.
At the end of each period, the options settle in cash. The fund then invests in new ones running about a year, with a fresh cap. The targets are measured at net asset value and apply only to full-period holders. Entering late or leaving early can mean very different results.
What it really costs
- QTAP charges 0.79% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| QTAP | $81 | $252 | $439 | $978 |
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
In a retirement portfolio
QTAP passes along roughly all of QQQ's losses while capping gains each outcome period, which suits a small, higher-risk slice of a portfolio rather than its core.
QTAP could amplify moderate Nasdaq-100 gains, but it offers no protection when stocks fall. It launched in March 2021, so it has no record from the 2008 or 2020 crashes. In the 2022 decline it fell 28.5% from April 4 to October 11. Its deepest drop, 29.4%, bottomed on December 28, 2022, and it didn't regain its prior high until November 10, 2023. Its worst calendar year was 2022, down 25.69%. Retirees cashing out shares in 2022 would have locked in losses. A calm year to October 27, 2026, with a maximum drop of 2.8%, doesn't change how it handles losses.
It has recorded no distributions, so it provides no income. For its 0.79% expense ratio, the SEC's standard example ($10,000 invested, 5% yearly returns) shows costs of $81 after one year and $978 after ten. 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 comfortable with roughly full QQQ losses who want up to three times QQQ's gains, capped at 21.15% before fees for April 2025–March 2026.
- Investors able to enter on an outcome period's first day in April and hold through March 31, when the stated targets apply.
- Cost-conscious investors in defined-outcome funds: QTAP's 0.79% expense ratio is below the 0.86% peer average and the 0.85%–0.95% charged by FT Vest funds.
Look elsewhere if
- Anyone wanting downside protection: unlike buffer ETFs such as BUFR or PJAN, QTAP has no loss cushion and lost 25.69% in 2022.
- Retirees who need regular income: QTAP has recorded no distributions, so any return comes only from share-price changes.
- Investors wary of small funds: QTAP held about $20.4 million in net assets on July 31, 2026, the smallest of eight comparable defined-outcome funds.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| QTAP this fund | 0.79% | $20.4M | +20.2% | +21.9% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does QTAP protect against losses?
No. Unlike many defined-outcome ETFs, QTAP has no buffer. If the Invesco QQQ Trust falls over an outcome period, the fund seeks a loss roughly equal to QQQ's. According to the prospectus, a 20% QQQ drop means about a 20% fund drop before fees. In 2022 the fund lost 25.69%. Its deepest drop was 29.4%, from April 4 to December 28, 2022.
Is QTAP a 3x leveraged ETF?
Not in the usual sense. Daily leveraged funds reset every day and magnify both gains and losses. QTAP seeks three times QQQ's gain only over a full outcome period of about a year, up to a cap. For April 1, 2025 through March 31, 2026, the cap was 21.15% before fees, or 20.36% after its 0.79% fee. On the downside it seeks roughly one-for-one losses. Calendar years span two periods, so calendar returns can exceed one period's cap. The fund gained 43.2% in 2023.
What's the difference between QTAP and PJAN?
Both are Innovator defined-outcome ETFs charging 0.79%, but they make opposite trade-offs. PJAN is a buffer fund: it uses options to absorb part of a market drop in exchange for capped gains. QTAP has no cushion. It aims to triple QQQ gains up to a cap while taking roughly full losses. As of October 27, 2026, QTAP returned 20.2% over one year, versus 10.5% for PJAN. On July 31, 2026, PJAN held about $1.44 billion in net assets, versus about $20.4 million for QTAP.
Is QTAP good for retirement income?
It isn't designed for income. QTAP has recorded no distributions. Its holdings are FLEX options on the Invesco QQQ Trust, which pay nothing, so returns come only from price changes. It also passes along roughly full QQQ losses: it lost 25.69% in 2022 and didn't regain its April 2022 high until November 10, 2023. Retirees drawing cash in a year like that might have to cash out shares at depressed prices. Its 0.79% expense ratio costs $978 over ten years in the SEC's standard $10,000 example.
What happens if you invest in QTAP after the outcome period starts?
You may not get the stated outcome. The cap and roughly one-for-one downside apply only to shareholders who hold from the first day of an outcome period to its last, measured at net asset value. Someone who invests later, or exits early, may see very different results because the options' values have already changed. If QQQ has risen near the cap level, little upside may be left while the downside remains. Innovator's website, www.innovatoretfs.com/qtap, updates these figures daily.