At a glance
SPUT charges 0.79% a year, above the 0.1% average of the 8 funds most like it (the most expensive of 9). It has $16.9M in assets, the 9th largest of that group; it paid 4.69% of its price in distributions over the past 12 months, monthly. Over the past year it returned +10.4% with distributions reinvested (S&P 500: +11.5%), 8th of those 9 funds. Its ten largest positions make up 66.8% of the fund, out of 504 in all.
The short version
Innovator Equity Premium Income - Daily PutWrite ETF (SPUT) is an actively managed fund holding about half its assets in large U.S. stocks and most of the rest in Treasury bills. It also sells one-day S&P 500 put options, essentially insurance against a market drop, on about 100% of its assets; the premiums mainly fund its monthly payouts. Its 0.79% fee far exceeds the 0.1% average of funds with similar holdings.
Price history
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SPUT +10.4% 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 | |
|---|---|---|---|---|---|---|
| SPUT price data to Oct 27, 2026 | +9.1% | +10.4% | — | — | — | +14.0% |
- Over the year to Oct 27, 2026, SPUT returned +10.4%, 8th of 9 among similar funds.
- The deepest fall in its price history was 10.5% (Mar 25, 2025 to Apr 4, 2025), recovered by May 15, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +9.2% |
| 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 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.9500 |
What's inside
As of Jul 31, 2026, the fund held 504 securities; the ten largest made up 66.75% of assets, and 2.88% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 48.48% | |
| NVIDIA Corp | 3.72% | |
| Apple Inc | 3.50% | |
| Microsoft Corp | 2.70% | |
| Amazon.com Inc | 2.06% | |
| Alphabet Inc | 1.64% | |
| Broadcom Inc | 1.43% | |
| Alphabet Inc | 1.43% | |
| Meta Platforms Inc | 0.97% | |
| Tesla Inc | 0.82% | |
| Eli Lilly & Co | 0.77% | |
| JPMorgan Chase & Co | 0.75% | |
| Micron Technology Inc | 0.74% | |
| Advanced Micro Devices Inc | 0.61% | |
| Berkshire Hathaway Inc | 0.56% |
By country
United States 98.45%Ireland 0.51%Switzerland 0.17%United Kingdom 0.1%Uruguay 0.07%By issuer
Companies 51.02%US Treasury 48.48%By sector
Sectors of the companies held, for the 45.9% of the fund in companies that have a stock page here; other holdings and cash aren't classified.The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
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 $2.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.08%, -1.36%, +0.32%.
How it works
SPUT is actively managed: sub-adviser Milliman Financial Risk Management, overseen by adviser Innovator Capital Management, picks its investments. About 50% of assets go into a representative sample of stocks from the Solactive GBS United States 500 Index, a broad large-company U.S. index, and most of the rest into U.S. Treasury bills (short-term government debt). As of July 31, 2026, the largest holding was a Treasury bill at 48.5% of assets, followed by NVIDIA (3.7%), Apple (3.5%) and Microsoft (2.7%).
A put option pays its holder if an index falls below a set level, the strike price. SPUT sells puts on the S&P 500 Price Return Index: it collects an upfront fee, the premium, and owes the shortfall if the index ends below the strike. Each business day it sells new ones expiring the next business day, with strikes set for roughly a 5% chance of a loss. The puts cover about 100% of net assets. Premiums, plus T-bill interest and dividends, mainly fund monthly distributions.
In rising markets, only the stock half captures market gains, on top of premiums and interest. In falling markets, the stock half drops and the puts lose money on any day the index ends below the strike. The prospectus warns that combined losses may exceed the index's and monthly payouts may not offset them.
What it really costs
- SPUT charges 0.79% a year, versus an average of 0.1% for the similar funds below (9th of 9, 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 |
|---|---|---|---|---|
| SPUT | $81 | $252 | $439 | $978 |
In a retirement portfolio
Its main job is monthly income from selling one-day S&P 500 put options, while about half its assets stay in large U.S. stocks for growth.
SPUT could add monthly income: it paid $1.35 a share in the year to October 27, 2026, a 4.69% yield. Its one-year beta of 0.55 means it moved roughly half as much as the market. It launched March 13, 2025, so its record includes none of the 2008, 2020 or 2022 downturns. Its deepest drop, 10.5% from March 25 to April 4, 2025, was recovered by May 15, 2025, 1.3 months later. A sharp crash could hit it harder than the market itself, since the put options add losses on big down days, and anyone needing cash then might have to sell shares at low prices.
Costs are steep: 0.79% a year, which the SEC's standard example puts at $81 after one year and $978 after 10 on $10,000. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting monthly payouts funded mainly by S&P 500 put-option premiums, with a 4.69% trailing yield as of October 27, 2026.
- Those wanting milder swings in normal markets: beta, a gauge of market sensitivity, was 0.55 over the year to October 27, 2026.
- Investors willing to give up some stock-market gains for income, since only about half the fund tracks the Solactive GBS United States 500 Index.
Look elsewhere if
- Cost-conscious investors: its 0.79% fee is the highest of nine funds with overlapping holdings; Schwab U.S. Large-Cap ETF (SCHX) charges 0.03%.
- Those wanting a long record or a large fund: SPUT launched March 13, 2025; net assets were $16.9 million on July 31, 2026.
- Investors seeking protection in sharp sell-offs: losses on the stock half and the S&P 500 puts may combine to exceed the index's own decline.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SPUT this fund | — | 0.79% | $16.9M | +10.4% | — |
| BKLC BNY Mellon US Large Cap Core Equity ETF · different strategy | 51% | 0% | $5.47B | +13.4% | +25.4% |
| ONOF Global X Adaptive U.S. Risk Management ETF · different strategy | 51% | 0.39% | $141.7M | +9.4% | +15.9% |
| VOTE TCW Transform 500 ETF · different strategy | 51% | 0.05% | $1.10B | +13.5% | +25.2% |
| PBUS Invesco MSCI USA ETF · different strategy | 51% | 0.04% | $11.67B | +13.1% | +24.9% |
| VONE Vanguard Russell 1000 ETF · different strategy | 50% | 0.07% | $11.91B | +13.0% | +24.6% |
| SCHX Schwab U.S. Large-Cap ETF · different strategy | 50% | 0.03% | $74.17B | +10.9% | +21.9% |
| BBUS JPMorgan BetaBuilders U.S. Equity ETF · different strategy | 50% | 0.02% | $8.89B | +13.0% | +24.8% |
Questions investors ask
Does SPUT pay monthly dividends?
Yes. SPUT pays monthly distributions, its version of dividends. They are funded mainly by premiums from selling S&P 500 put options, plus Treasury bill interest and stock dividends. In the year to October 27, 2026, it paid $1.35 a share, a 4.69% yield. Option premiums rise and fall with market conditions, so payouts can vary. The prospectus also warns they may not offset losses when the S&P 500 drops.
Is SPUT good for retirement income?
It may suit retirees who want monthly income and accept options risk, but it has clear limits. SPUT yielded 4.69% as of October 27, 2026, and its one-year beta of 0.55 shows it moved roughly half as much as the market. Against that: a 0.79% fee, a record that begins March 13, 2025, and so includes none of the 2008, 2020 or 2022 downturns, and put options that can deepen losses in a sharp crash.
Can SPUT lose more than the S&P 500?
Yes, in a sharp sell-off it can. SPUT holds about 50% of its assets in large U.S. stocks and also sells one-day S&P 500 put options covering about 100% of its assets. If the index falls below the options' strike price, the stocks and the puts lose money together, and the prospectus warns combined losses may exceed the index's. Its deepest drop through October 27, 2026, was 10.5%, from March 25 to April 4, 2025; it recovered by May 15, 2025.
What's the difference between SPUT and SCHX?
They follow different strategies, so SCHX isn't a like-for-like alternative. Schwab U.S. Large-Cap ETF (SCHX) is a large-company U.S. stock fund without SPUT's put-writing approach, and it costs 0.03% a year. SPUT keeps only about half its assets in similar stocks, holds Treasury bills with most of the rest and sells daily S&P 500 put options for income, for 0.79% a year. Their holdings overlap by about 50%. SPUT returned 10.4% over one year through October 27, 2026, versus 11.8% for SCHX through October 30, 2026.
What is SPUT's expense ratio?
It's 0.79% a year, according to SPUT's prospectus filed February 27, 2026, and all of it is the management fee. The expense ratio is the yearly cost taken from fund assets. The SEC's standard example assumes $10,000 invested, a 5% annual return and a sale at the end of each period. On that basis, costs would total $81 after one year, $252 after three, $439 after five and $978 after ten. That is the highest of nine funds with overlapping holdings; the other eight average 0.1%.