At a glance
XUSP charges 0.79% a year. It has $51.0M in assets. Over the past year it returned +12.0% with distributions reinvested (S&P 500: +11.5%); over three years it returned +28.5% a year.
The short version
Innovator Uncapped Accelerated U.S. Equity ETF (XUSP) is an actively managed fund that holds one-year FLEX options on the SPDR S&P 500 ETF Trust (SPY), staggered across four expiration dates. Each options package aims to beat SPY's price gain with no upper limit, but only on gains above a 5% threshold. It takes SPY's losses one-for-one, costs 0.79% a year and has paid no distributions.
Price history
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XUSP +12.0% 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 | |
|---|---|---|---|---|---|---|
| XUSP official prospectus, to Dec 31, 2024 | — | +17.71% | — | — | — | +18.25% |
| XUSP price data to Oct 27, 2026 | +13.6% | +12.0% | +28.5% | — | — | +17.5% |
- Over the year to Oct 27, 2026, XUSP returned +12.0%.
- Its worst full calendar year was 2025 (+18.3%); its best was 2024 (+30.6%).
- The deepest fall in its price history was 22.6% (Dec 4, 2024 to Apr 8, 2025), recovered by Jul 3, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.6% | — |
| 2025 | +18.3% | +17.71% |
| 2024 | +30.6% | +31.33% |
| 2023 | +26.5% | +26.40% |
| 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 |
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 $6.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.27%, -2.13%, -0.56%.
How it works
XUSP does not track an index. Innovator Capital Management runs it, with Milliman Financial Risk Management as sub-adviser. The fund puts almost all its money into FLEX options on an "Underlying ETF" that holds large U.S. companies. FLEX options are exchange-listed options whose strike prices and expiration dates can be customized. As of July 31, 2026, that ETF was SPY, and options made up about 99.7% of assets.
Each one-year options package pays off based only on SPY's price at the end of its term. If SPY ends below 105% of its starting price, the package earns nothing. Above 105%, gains count only from that threshold upward, but they grow faster than SPY's. The prospectus calls this the "Accelerated Return Rate." It is set at the start of each term based on market conditions such as volatility, and there is no fixed multiple. If SPY falls, the package loses one-for-one. The packages follow SPY's price, so SPY's dividends are not included.
The fund staggers, or "ladders," four packages with different expiration dates. Each held about a quarter of assets as of July 31, 2026. This spreads out the risk of resetting all the options at a bad moment. Buying or selling partway through a term can produce results quite different from the design. The fund is non-diversified and had significant exposure to information technology.
What it really costs
- XUSP charges 0.79% a year.
- 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 |
|---|---|---|---|---|
| XUSP | $81 | $252 | $439 | $978 |
In a retirement portfolio
XUSP takes the full loss on stock market declines but needs gains above 5% before it earns anything, so it works as a small, higher-risk add-on rather than a foundation.
XUSP launched in August 2022, so it was not around for the 2008 crisis, the 2020 crash or the 2022 bear market. Its record covers mostly rising markets. Even its weakest calendar year, 2025, was a gain of about 18%. Its deepest drop was 22.6%, from December 4, 2024, to April 8, 2025. It recovered about 2.8 months after the low, by July 3, 2025. Its one-year beta of 1.36 as of October 27, 2026, means it swung more than the market. Losses pass through fully while small gains are forfeited, so selling in a down year locks in the full loss. The fund has paid no distributions, so it provides no income. It costs 0.79%, or $81 in the first year on $10,000 in 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 seeking uncapped, faster-than-SPY gains in strong years who accept earning nothing when SPY's price rises less than 5% over a one-year term.
- Investors adding a small satellite position next to core holdings who understand one-year FLEX options payoffs and staggered expiration dates.
- Investors who don't need income: the fund has paid no distributions, and its options follow SPY's price, not its dividends.
Look elsewhere if
- Investors wanting downside protection: losses pass through one-for-one, and the fund fell 22.6% from December 2024 to April 2025.
- Cost-conscious investors: 0.79% a year comes to $978 over 10 years on $10,000 in the SEC example, more than plain S&P 500 funds typically charge.
- Investors wanting a long track record or a large fund: XUSP launched in August 2022 and had about $51 million in net assets as of July 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What is XUSP ETF and how does it work?
XUSP is an actively managed Innovator ETF that holds four staggered one-year FLEX options packages on the SPDR S&P 500 ETF Trust (SPY). If SPY's price rises more than 5% over a package's term, the fund aims to earn gains above that 5% at a faster rate than SPY's, with no cap. If SPY rises less than 5%, the package earns nothing. If SPY falls, the fund loses one-for-one.
Does XUSP pay dividends?
No. As of October 27, 2026, the fund had paid no distributions. Its options packages follow SPY's price change, not its total return, so the dividends paid by S&P 500 companies do not reach XUSP shareholders. Investors who rely on their portfolio for regular cash would need to get it from other holdings or by selling shares.
XUSP vs SPY: what's the difference?
SPY owns the S&P 500 stocks directly and passes on both price gains and dividends. XUSP holds options on SPY instead. It gives up the first 5% of SPY's price gain in each one-year term and all of SPY's dividends. In return, gains above that threshold grow faster than SPY's. Both take the full loss in a falling market. XUSP charges 0.79% a year and has a one-year beta of 1.36, so it swings more than SPY.
Does XUSP protect against stock market losses?
No. Unlike buffer ETFs, XUSP has no downside cushion. When SPY's price falls over a package's term, that package loses one-for-one, and fees come on top. The fund's deepest drop was 22.6%, from December 4, 2024, to April 8, 2025. Its worst quarter was a 7.42% loss in the first quarter of 2025. It regained its prior peak by July 3, 2025.
How has XUSP performed since launch?
XUSP returned 26.4% in 2023, 31.33% in 2024 and 17.71% in 2025, according to its prospectus. Based on share price, it was up 13.6% for 2026 through October 27 and 12% over the year ending that date. Its three-year annualized return was 28.5%. These results come almost entirely from rising markets, which suit this strategy, and they don't predict future returns.