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Launched

Innovator Buffer Step-Up Strategy ETF

BSTPNYSE ArcaInnovatorD

$39.71−0.18 (−0.46%)

As of Nov 2, 2026, 3:59 PM ET

D32/ 100

Rank 7 of 7 in S&P 500 Buffer

D32/100Rank 7 of 7inS&P 500 Buffer
Intraday session: down, 78 prints from 39.89 to 39.71. Range 39.71 to 40.20. Use the arrow keys to read each point.39.8040.0040.1040.2010 AM12 PM2 PM4 PM
Expense ratio
0.89%
Fund size
$59M
1Y total return
+8.3%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
4.11K sh
52W range
low $35.22high $40.73
Launched

The ETF.net BSTP Grade

Based on 4 of 6 pillars

D

Score 32 out of 100

Category
S&P 500 Buffer⁠
Rank
7 of 7
Six-pillar profile for BSTP. Scores out of 100: Cost 9, Risk 36, Mission not scored, Tradability 66, Holdings not scored, Durability 62. Strongest: Tradability (66). Weakest: Cost (9). Based on 4 of 6 pillars.

Score 32 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F9 out of 100
    Rank 7 of 7

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D36 out of 100
    Rank 6 of 7

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B66 out of 100
    Rank 2 of 7

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B62 out of 100
    Rank 3 of 7

Our read on BSTP

ETF.net Research

In short

DMost buffer ETFs freeze your cap and buffer for a full year. BSTP is the active version: FLEX options on SPY that the manager can reset monthly, so the terms follow the market rather than a calendar.

Stated mandate

BSTP seeks risk-managed exposure to SPY through FLEX options and may invest directly in SPY or its components. It actively monitors and may reset the options portfolio monthly, seeking participation in SPY returns with an upside limit and protection against a measure of downside loss.

Why people hold it

  • No 12-month lock. The manager monitors the options book and can reset it monthly, seeking SPY participation with a limit on the upside and protection against a measure of downside loss.
  • The step-up design lets the options be re-struck as SPY moves, instead of leaving the fund anchored to a reference level set at the start of a long outcome period.
  • One ticker, no calendar to babysit: the resetting happens inside the fund, which can also hold SPY or its underlying stocks directly alongside the options.
  • Live since 2022, so the strategy has run through real market stress rather than a backtest.

Worth knowing

  • The 0.89% expense ratio sits at the pricier end of SPY buffer funds. Innovator's dated series on the same reference, such as PMAY, lists 0.79%.
  • Thinly traded, so bid-ask spreads can run wider than in the largest buffer names.
  • Flexibility cuts both ways: with terms able to change at each reset, the cap and buffer in force aren't readable off a calendar and need checking against the fund's posted terms.

BSTP Holdings

Asset class
Stocks
Holdings
3
Top-10 weight
104%
Largest holding
Spy 08/31/2027 7.72 C98.2%

Sectors

  • Technology40.1%
  • Financials11.3%
  • Communication9.9%
  • Health Care9.4%
  • Consumer Discretionary8.7%
  • Industrials7.6%
  • Consumer Staples4.4%
  • Energy3.4%
  • Utilities1.9%
  • Real Estate1.7%
  • Materials1.6%

Geography

  • United States99.53%
  • Switzerland0.26%
  • China0.10%
  • Mexico0.05%
  • Ireland0.03%
  • United Kingdom0.03%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataSpy 08/31/2027 7.72 C98.24%778$57.9M1
2No dataSpy 08/31/2027 767.1 P5.36%778$3.16M1
3No dataUs Bank Mmda - Usbgfs 9 09/01/20370.20%117,854$118K163

Showing 1–3 of 3 holdings

BSTP Performance

Launched Mar 8, 2022

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

Not enough history yet.Not enough history yet.
BSTP$10,834
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. BSTP $10,834. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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 BSTP. Periods over one year show the average yearly return.
PeriodBSTP
Year to date+7.4%
1 month−0.7%
3 months+1.0%
1 year+8.3%
3 yearsper year+15.3%
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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 BSTP
YearReturn barBSTP
2026 YTD+7.4%
2025+11.8%
2024+16.7%
2023+18.2%
2022−5.0%

Since listing, Mar 8, 2022

BSTP in the news

BSTP Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

BSTP Risk

Risk pillarD36 out of 100Rank 6 of 7 in S&P 500 Buffer
How much the fund’s monthly returns vary, scaled to a year.
7.8%
Annualised · 36 months to Oct 2026
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.
1.31
vs 3-month T-bills · to Oct 2026
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.
−16.7%
55 months · trough Oct 2022
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.
0.69
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.

FMP measures it over up to five years of monthly returns.

BSTP Cost

Compare BSTP and HJUN

Overpaying vs HJUN, cheapest in S&P 500 Buffer

$10,723

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BSTP 0.89%

    $16,872

  • HJUN 0.30% Cheapest

    $6,149

$10,000
30 years

Cost over time

  • BSTP 0.89%
  • HJUN 0.30%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530BSTP $16,872HJUN $6,149

Year by year

YearBSTPHJUNOverpaying
10$1,576$545$1,031
20$5,953$2,113$3,840
30$16,872$6,149$10,723

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