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Launched

Innovator U.S. Equity Accelerated 9 Buffer ETF

XBAPCboeInnovatorB

$42.66−0.63 (−1.47%)

At close: Nov 5, 2026, 4:00 PM ET

B63/ 100

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

B63/100Rank 1 of 6inS&P 500 Accelerated, 9-12% Buffer
Intraday session: down, 78 prints from 43.30 to 42.66. Range 42.66 to 43.30. Use the arrow keys to read each point.42.8042.9043.0043.1043.2010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$129M
1Y total return
+12.2%
Yield · Last 12 months
No data
Holdings
6
Avg volume · 30D
5.76K sh
52W range
low $35.46high $43.37
Launched

The ETF.net XBAP Grade

Based on 5 of 6 pillars

B

Score 63 out of 100

Category
S&P 500 Accelerated, 9-12% Buffer⁠
Rank
1 of 6
Six-pillar profile for XBAP. Scores out of 100: Cost 59, Risk 82, Mission not scored, Tradability 51, Holdings 58, Durability 83. Strongest: Durability (83). Weakest: Tradability (51). Based on 5 of 6 pillars.

Score 63 of 100 falls in the B 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.
    B59 out of 100
    Rank 1 of 6

  • 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.
    A82 out of 100
    Rank 1 of 6

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C51 out of 100
    Rank 3 of 6

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B58 out of 100
    Rank 4 of 4

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A83 out of 100
    Rank 1 of 6

Our read on XBAP

ETF.net Research

In short

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

  • Two 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
  • No 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
  • 0.79% 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.
  • A 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

  • The 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
  • The 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
  • A 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 Performance

Launched Apr 1, 2021

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.
XBAP$11,225
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,934
Nov 5, 2025 to Nov 5, 2026. XBAP $11,225. SPY $10,934. Use the arrow keys to read each point.$10,000$11,000Nov 2025May 2026Nov 2026

Nov 5, 2025 – Nov 5, 2026

Returns run to the Nov 5, 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+10.3%
1 month−1.1%
3 months+0.2%
1 year+12.2%
3 yearsper year+13.3%
5 yearsper year+9.4%
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 XBAP
YearReturn barXBAP
2026 YTD+10.3%
2025+13.4%
2024+11.6%
2023+20.5%
2022−7.6%
2021+7.5%

Since listing, Apr 1, 2021

XBAP in the news

XBAP Dividends

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

No distributions in the last 12 months.

XBAP Risk

Risk pillarA82 out of 100Rank 1 of 6 in S&P 500 Accelerated, 9-12% Buffer
How much the fund’s monthly returns vary, scaled to a year.
4.8%
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.
1.96
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.
−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.

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

XBAP Cost

Tied cheapest in S&P 500 Accelerated, 9-12% Buffer

$15,174

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

  • XBAP 0.79%

    $15,174

$10,000
30 years

Cost over time

  • XBAP 0.79%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530XBAP $15,174

Year by year

YearXBAP
10$1,405
20$5,331
30$15,174

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