BSTPInnovator Buffer Step-Up Strategy ETF
The fund is an actively managed ETF that seeks to provide risk-managed investment exposure to the Underlying ETF. The fund seeks to achieve its investment objective by investing in exchange-traded options contracts with one-year expirations on the Underlying ETF (the “Options Portfolio”) and may also invest directly in the Underlying ETF (or the components thereof). It is non-diversified.
Innovator ETFs · Since 2022 (4 years)
0.89%
#4277 out of 5,332 ETFs
$55M
#3261 out of 5,332 ETFs
0.00%
4 years
#2717 out of 5,332 ETFs
Performance
1 Year
+18.9%
3 Years
+14.9%
5 Years
N/A
What's inside
Asset allocation
Risk profile
8.3%
Moderate
-16.7%
Worst peak-to-trough loss
1.06
Excellent risk-adjusted returns
1.55
Good downside protection
Similar ETFs
Our take
Structural notes on how this fund behaves. Read our guide on the 6 warning signs.
Buffer ETF — downside protection at a cost
Defined-outcome funds cap upside (typically 8–20%) in exchange for partial downside protection (9–30%), priced via options. Fees are materially higher than the underlying index (often 0.70%+ vs 0.03–0.10%). For most pre-retirees, a simple stock/bond mix achieves similar downside behaviour at a fraction of the cost.
Source: Morningstar, 'Defined-Outcome ETFs: Useful or Uneconomic?' (2023)
Why we flagged this: strategy=structured_outcome + structured_outcome_strategy
Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More
Data updated on 2026-05-05