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XBAP

GradeBChicago Board Options Exchange

Innovator U.S. Equity Accelerated 9 Buffer ETF

Accelerated Upside · Innovator · Inception 2021-04-01

$43.02−0.01 (−0.01%)

As of Sep 23, 2026, 3:09 PM EDT

Intraday session: down, 59 prints from 43.03 to 43.02. Range 42.95 to 43.05. Use the arrow keys to read each point.$42.95$42.98$43.00$43.0510 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$128M
1Y return
+13.7%
Yield · Last 12 months
—
Holdings
7
Volume · 30D
0M sh
NAV per share
$42.90
52W range
low $37.61high $43.10

The ETF.net XBAP Grade

B

61/ 100

Rank 1 of 6 in S&P 500 Accelerated, 9-12% Buffer⁠

Confidence Medium

Six-pillar profile for XBAP. Scores out of 100: Cost 58, Risk 83, Mission not scored, Tradability 44, Holdings 53, Durability 82. Strongest: Risk (83). Weakest: Tradability (44). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 61 of 100 sits in the B 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.
    BScore 58
    Category rank1/6 · top 17%

  • 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 83
    Category rank1/5 · top 20%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 44
    Category rank3/6 · top 50%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 53
    Category rank3/3 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 82
    Category rank1/6 · top 17%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on XBAP

ETF.net Research

BDouble the S&P 500's upside up to a cap, with the first 9% of losses absorbed and normal losses after that. A structured-note payoff shape in an ETF wrapper, reset every April.

Stated mandate

The Fund seeks twice the return of an ETF tracking the S&P 500 Index, subject to a cap, while buffering the first 9% of losses over the approximately one-year outcome period.

Why people hold it

  1. 01Two dials at once: 2x the price gain of an S&P 500 ETF up to a cap, plus a 9% loss buffer, across each roughly one-year outcome period.innovatoretfs.com
  2. 02No maturity date. The outcome period resets each April with a fresh cap and buffer, so the position can be held indefinitely without rolling into a new ticker. Running since 2021.innovatoretfs.com
  3. 030.79% a year, the same fee its Innovator siblings charge (XBJA, XBJL, XBOC), and it rates as one of the stronger implementations in that small accelerated-buffer group.
  4. 04A registered 1940 Act fund, not a bank note, so you get the defined-outcome payoff shape without a single issuer's IOU sitting behind it.innovatoretfs.com

Worth knowing

  1. 01The cap is a hard ceiling on a blowout year, it is reset each April at whatever options pricing allows, and it is built on SPY's price return, so dividends sit outside the payoff.sec.gov
  2. 02The stated outcomes are for holders who own shares from the first day of an outcome period to the last. Buy mid-period and your effective cap and remaining cushion differ.sec.govinnovatoretfs.com
  3. 03A niche fund with a modest asset base and light trading volume, so bid-ask spreads can be wider than on a plain index ETF.

XBAP Holdings

As of Sep 22, 2026, 10:01 PM
Asset class
Stocks
Holdings
7
Top-10 weight
129%
Largest holding
VOO106.8%

Sectors

Geography

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001VOOVanguard S&P 500 ETF106.77%191,723$137M57
002—VOO 03/31/2027 597.56 C20.12%1,959$26M1
003—VOO 03/31/2027 597.56 P1.08%1,959$1M1
004—US BANK MMDA - USBGFS 9 09/01/20370.43%553,891$554K161
005—VOO 03/31/2027 621.46 C0.36%42$462K1
006—Cash & Other0.02%24,975$25K674

Showing 1–6 of 6 holdings

XBAP Performance

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

XBAP$11,368
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. XBAP $11,368. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 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 XBAP. Periods over one year show the average yearly return.
PeriodXBAP
Year to date+11.1%
1 month+0.8%
3 months+2.9%
1 year+13.7%
3 years+14.0%per year
5 years+10.0%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 XBAP
YearReturn barXBAP
2026 YTD+11.1%
2025+13.4%
2024+11.6%
2023+20.5%
2022−7.6%
2021+7.5%

Since listing, Apr 1, 2021

XBAP in the news

ETF.net Research hasn’t filed on XBAP yet — coverage lands here as it’s written.

XBAP Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

XBAP Risk

How much the fund’s monthly returns vary, scaled to a year.
5.1%
Annualised · 36 months to Aug 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.
1.60
vs 3-month T-bills · to Aug 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.
−14.6%
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.
0.34
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.

XBAP Cost

Expense ratio0.79%
  • The middle half of S&P 500 Accelerated, 9-12% Buffer funds
  • Median 0.79%

No S&P 500 Accelerated, 9-12% Buffer fund charges less.

XBAP costs $79.00 a year on $10,000. The median S&P 500 Accelerated, 9-12% Buffer fund costs $79.00.