At a glance
XBAP charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $132.1M in assets, the 8th largest of that group. Over the past year it returned +13.3% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +15.3% a year. At its worst it fell 14.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months after the low.
The short version
Innovator U.S. Equity Accelerated 9 Buffer ETF - April (XBAP) is a "buffer" fund. It holds an S&P 500 ETF plus FLEX options, which are customizable exchange-listed options, and resets them each April. Over each one-year outcome period, it aims to return twice the S&P 500 ETF's gain, up to a cap, while absorbing the first 9% of losses. It charges 0.79% a year and pays no regular income.
Price history
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XBAP +13.3% 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 | |
|---|---|---|---|---|---|---|
| XBAP official prospectus, to Dec 31, 2024 | — | +13.21% | — | — | — | +9.26% |
| XBAP price data to Oct 27, 2026 | +11.8% | +13.3% | +15.3% | +9.8% | — | +9.9% |
- Over the year to Oct 27, 2026, XBAP returned +13.3%, 1st of 8 among similar funds.
- Its 5-year annualized return was +9.8%.
- Its worst full calendar year was 2022 (-7.6%); its best was 2023 (+20.5%).
- The deepest fall in its price history was 14.6% (Apr 4, 2022 to Oct 12, 2022), recovered by Apr 28, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.8% | — |
| 2025 | +13.4% | +13.21% |
| 2024 | +11.6% | +11.58% |
| 2023 | +20.5% | +20.27% |
| 2022 | -7.6% | -7.24% |
| 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 13.7% over that stretch · deepest drop along the way 14.6%, back to its old high 6.5 months after the low |
What's inside
As of Jul 31, 2026, the fund held 1 securities; the ten largest made up 104.81% of assets.
| Fund held | Weight | |
|---|---|---|
| Vanguard S&P 500 ETF | 104.81% |
By country
United States 104.81%By asset type
Stocks 104.81%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $3.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.70%, +0.36%, +0.66%.
How it works
Innovator Capital Management runs the fund, with Milliman Financial Risk Management as sub-adviser. Nobody picks stocks. The fund puts at least 80% of its assets into exposure to an S&P 500 ETF. The prospectus names the SPDR S&P 500 ETF Trust. As of July 31, 2026, the fund held the Vanguard S&P 500 ETF (VOO) at about 105% of net assets, plus six option positions on VOO with a combined value of about -5%. Reported portfolio turnover was 0%.
For the outcome period from April 1, 2025 through March 31, 2026, the options were set up to double the underlying ETF's gain, up to a cap of 12.78% before fees (11.99% after the 0.79% fee). They also absorbed the first 9% of losses (8.21% after fees). Losses beyond that are passed through one for one. In the prospectus examples, a 5% rise in the underlying ETF gives the fund about 10%, and a 15% fall gives about -6%.
This is not a daily-reset leveraged fund. The doubling and the buffer are measured over the full year. Only shareholders who hold from the first day of the period to the last get the stated outcomes. Buying or selling partway through can give very different results, and gaps between market price and net asset value also change returns. Each April the options expire and new ones are bought with a new cap. Innovator posts updated figures at innovatoretfs.com/xbap.
What it really costs
- XBAP 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 |
|---|---|---|---|---|
| XBAP | $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.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It keeps stock-market exposure but uses options to absorb the first 9% of yearly losses, trading away gains above a capped level.
XBAP could soften the blow of a moderate stock decline in exchange for limited upside. It launched on March 31, 2021, so it has no record from the 2008 or 2020 crashes. In the 2022 bear market it fell 14.6% from April 4 to October 12, 2022, and it was back to its old high by April 28, 2023, about 6.5 months later. Its worst calendar year was 2022, at -7.24%. For a retiree selling shares in a bad year, that cushion helps, but only within the buffer. Losses beyond it are not covered, and timing within the outcome period matters. The fund has recorded no distributions, so it can't serve as an income source. Costs are $81 in the first year and $978 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
- S&P 500 investors who want a buffer against the first 9% of losses, and who can buy near April 1 and hold through March 31.
- Investors expecting modest gains: the fund aims to double S&P 500 gains up to a cap that resets each April (12.78% before fees in the prospectus).
- Cost-conscious buyers: its 0.79% expense ratio ties for lowest among the eight buffer funds compared, below the 0.86% peer average.
Look elsewhere if
- Retirees needing income: the fund has recorded no distributions, so any cash withdrawals would have to come from selling shares.
- Mid-period buyers: buying after April 1 or selling before March 31 can produce results far from the stated buffer and cap.
- Investors wanting full upside or deeper protection: gains stop at the cap, and the fund still fell 14.6% from peak to trough in 2022.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| XBAP this fund | 0.79% | $132.1M | +13.3% | +15.3% |
| 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
Is XBAP a 2x leveraged ETF?
Not in the usual sense. XBAP doesn't reset its exposure every day like a daily 2x leveraged fund. It uses FLEX options to aim for twice the S&P 500 ETF's gain over a full one-year outcome period, up to a cap. For April 1, 2025 through March 31, 2026, that cap was 12.78% before fees. Losses work differently: the fund absorbs the first 9% and then falls one for one, not two for one.
Does XBAP pay dividends?
No. The fund has recorded no distributions, so it isn't built to produce income. Its returns come from changes in share price, which is driven by the S&P 500 ETF it holds and the options layered on top. Retirees who need cash flow would have to sell shares to draw income, or pair the fund with income-producing holdings elsewhere in their portfolio.
What happens if I buy XBAP in the middle of the outcome period?
Your results can be very different from the stated cap and buffer. Those outcomes apply only to shareholders who hold from the first day of the period to the last. If the market has already risen, less room may be left before the cap. If it has fallen, part of the buffer may already be used up. Innovator publishes the remaining cap and buffer daily at innovatoretfs.com/xbap.
XBAP vs VOO: what's the difference?
XBAP actually holds VOO, the Vanguard S&P 500 ETF, which made up about 105% of its net assets as of July 31, 2026. XBAP adds options that double modest gains up to a cap and absorb the first 9% of losses each year. Owning VOO directly gives the full market gain or loss with no cap or buffer, and a plain S&P 500 fund typically pays dividends. XBAP charges 0.79% a year for its option overlay.
How did XBAP do in 2022?
It lost 7.24% in calendar 2022, its worst year so far, according to its prospectus. Inside that year it fell further: 14.6% from April 4 to October 12, 2022, and its worst quarter was -11.13% in the three months to June 30, 2022. It regained its old high by April 28, 2023, about 6.5 months after the low. In 2023 it returned 20.27%.