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ACII

GradeDNew York Stock Exchange Arca

Innovator Index Autocallable Income Strategy ETF

Option Income · Innovator · Inception 2025-09-25 · SEC filings

$25.58−0.05 (−0.20%)

As of Sep 23, 2026, 2:13 PM EDT

History starts Sep 25, 2025.History starts Sep 25, 2025.
Intraday session: down, 20 prints from 25.63 to 25.58. Range 25.54 to 25.62. Use the arrow keys to read each point.$25.54$25.56$25.60$25.6210 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$131M
1Y return
—
Yield · Last 12 months
Data unavailable
Holdings
5
Volume · 30D
0.1M sh
NAV per share
$25.34
52W range
low $24.35high $26.87

The ETF.net ACII Grade

D

39/ 100

Rank 18 of 24 in Other Index Option Income⁠

Confidence Medium

Six-pillar profile for ACII. Scores out of 100: Cost 17, Risk 71, Mission not scored, Tradability 42, Holdings not scored, Durability 68. Strongest: Risk (71). Weakest: Cost (17). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 39 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 17
    Category rank20/24 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 71
    Category rank3/23 · top 13%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 42
    Category rank15/24 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 68
    Category rank11/24 · top 46%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on ACII

ETF.net Research

DWall Street's autocallable note, unpacked into an ETF: a ladder of swaps tied to the S&P 500, Russell 2000 and Nasdaq-100, paying income while the indexes hold up, with losses tracking the worst one if a barrier breaks.

Stated mandate

The Fund is designed to generate substantial income while offering potential downside-loss mitigation.

Why people hold it

  1. 01Autocallable payoffs normally arrive as bank-issued notes. Here the exposure sits inside a 1940 Act ETF that trades on an exchange any market day.
  2. 02The swaps are laddered rather than struck all at once, so coupon and barrier terms get set at staggered dates instead of hinging on one entry point.
  3. 03Built for cash flow: Innovator's product materials set a monthly distribution schedule, funded by the coupons the autocallable swaps generate.innovatoretfs.com
  4. 04Actively managed against three of the most widely followed U.S. equity benchmarks, so the manager can reset references and terms as market conditions change.

Worth knowing

  1. 01Worst-of math: the downside keys off the weakest of the three indexes, not the average. The swaps are OTC contracts, so bank counterparty exposure comes along.
  2. 020.79% a year, versus 0.65% at REX's ATCL, the other autocallable-income ETF in this peer set.
  3. 03Launched in 2025, so the track record is short. Payouts can vary period to period and the fund discloses that distributions may include return of capital.

ACII Holdings

As of Sep 22, 2026, 10:01 PM
Asset class
Other
Holdings
5
Top-10 weight
100%
Largest holding
United States Treasury Bill 09/29/202698.5%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—United States Treasury Bill 09/29/202698.52%129,674,000$130M34
002—US BANK MMDA - USBGFS 9 09/01/20371.01%1,330,154$1M161
003—Worst of SPY QQQ IWM 20290.30%43,125,000$401K1
004—Worst of SPY QQQ IWM 20300.11%43,125,000$142K1
005—Worst of SPY QQQ IWM 20280.07%43,125,000$86K1

Showing 1–5 of 5 holdings

ACII Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

ACII$10,626
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,430
Dec 31, 2025 to Sep 22, 2026. ACII $10,626. SPY $11,430. Use the arrow keys to read each point.$9,119$10,381$11,642Dec 2025May 2026Sep 2026

Dec 31, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for ACII. Periods over one year show the average yearly return.
PeriodACII
Year to date+6.3%
1 month+1.2%
3 months+1.3%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for ACII
YearReturn barACII
2026 YTD+6.3%
2025+3.3%

Since listing, Sep 25, 2025

ACII in the news

ACII Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.21 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Monthly

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 10 payments from 2025 to 2026 YTD. Nov 28, 2025 $0.19; Dec 31, 2025 $0.19; Jan 30, 2026 $0.19; Feb 27, 2026 $0.19; Mar 31, 2026 $0.19; Apr 30, 2026 $0.19; May 29, 2026 $0.19; Jun 30, 2026 $0.20; Jul 31, 2026 $0.20; Aug 31, 2026 $0.21. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Aug 31, 2026Sep 1, 2026$0.21
Jul 31, 2026Aug 3, 2026$0.20
Jun 30, 2026Jul 1, 2026$0.20
May 29, 2026Jun 1, 2026$0.19
Apr 30, 2026May 1, 2026$0.19
Mar 31, 2026Data unavailable$0.19
Feb 27, 2026Data unavailable$0.19
Jan 30, 2026Data unavailable$0.19
Dec 31, 2025Jan 2, 2026$0.19
Nov 28, 2025Dec 1, 2025$0.19

ACII Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Sep 2025; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Sep 2025; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Sep 2025; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.23
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

ACII Cost

Expense ratio0.79%
  • The middle half of Other Index Option Income funds
  • Median 0.74%

18 of the 23 Other Index Option Income funds charge less.

ACII costs $79.00 a year on $10,000. The median Other Index Option Income fund costs $74.00.