BSTP vs QBSV: Grades, Fees and Holdings Compared

Innovator Buffer Step-Up Strategy ETF

BSTPDNYSE Arca

AllianzIM U.S. Equity Buffer5 ETF

QBSVCCboe

Overlap

0.0%by weight

Expense ratio

QBSV −0.25pt a year

BSTP0.89%QBSV0.64%

Avg volume · 30D

QBSV 1.1×the volume

BSTP4.11KQBSV4.32K

BSTP vs QBSV Performance

Jul 31, 2026 – Oct 30, 2026

+1.0%BSTP+1.0%QBSV

Expense ratio: BSTP 0.89%; QBSV 0.64%, better
Fund size: BSTP $59M; QBSV $28M
1Y total return: BSTP +8.3%; QBSV No data
Holdings: BSTP 3; QBSV 3
Avg volume (30D): BSTP 4.11K sh; QBSV 4.32K sh, better
NAV per share: BSTP $39.96; QBSV $27.34
52W range

ETF.net Grade

Pillar letters and Scores for BSTP, QBSV, with each pillar’s weight
Pillar	BSTP	QBSV
Cost30% weight	F9	C53Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	D36	A76Higher
Tradability15% weight	B66Higher	D38
Holdings10% weight	Not scored	C46
Durability5% weight	B62Higher	D31

Rank among S&P 500 Buffer funds

How we build Categories ›

Same Category. BSTP and QBSV are both graded against the same 7 S&P 500 Buffer funds, so their Grades compare head to head.

S&P 500 Buffer⁠

Category · 7 funds

See all 7 ›

QBSV ranks 3rd and BSTP 7th of 7 funds in the S&P 500 Buffer Category.

Rank 1BSWANAmplify BlackSwan Growth & Treasury Core ETFScore 60
Rank 2BPSFFPacer Swan SOS Fund of Funds ETFScore 56
Rank 3CQBSVAllianzIM U.S. Equity Buffer5 ETFScore 52
Rank 4CFBProShares S&P 500 Dynamic Buffer ETFScore 40
Rank 6DDHSBDay Hagan Smart Buffer ETFScore 34
Rank 7DBSTPInnovator Buffer Step-Up Strategy ETFScore 32

Our read on each fund

ETF.net Research

BSTPDInnovator Buffer Step-Up Strategy ETF

QBSVCAllianzIM U.S. Equity Buffer5 ETF

In short

BSTP Most 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.

QBSV No data

Stated mandate

BSTP 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.

QBSV No data

Why people hold it

BSTP 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.

QBSV No data

Worth knowing

BSTP 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.

QBSV No data

Full BSTP profile⁠

Full QBSV profile⁠

BSTP vs QBSV Holdings

How BSTP and QBSV differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of BSTP and 0.0% of QBSV.

Level by level

Holdings0 in both0.0%
Sector11 Sectors98.0%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in BSTP and QBSV, widest gap first
Sector	More in BSTPMore in QBSV	BSTP	QBSV
Communication	BSTP +1.0 points	9.9%	8.9%
Technology	BSTP +0.8 points	40.1%	39.3%
Consumer Discretionary	QBSV +0.4 points	8.7%	9.1%
Financials	QBSV +0.4 points	11.3%	11.7%
Health Care	QBSV +0.4 points	9.4%	9.8%
Energy	QBSV +0.3 points	3.4%	3.7%
Consumer Staples	QBSV +0.3 points	4.4%	4.7%
Industrials	BSTP +0.1 points	7.6%	7.5%
Utilities	QBSV +0.1 points	1.9%	2.0%
Materials	BSTP +0.1 points	1.6%	1.5%
Real Estate	Same weight	1.7%	1.7%

Country, concentration and asset class

Country by domicile

Country weights in BSTP and QBSV, widest gap first
Country	More in BSTPMore in QBSV	BSTP	QBSV
United States	Same weight	99.5%	99.5%
Switzerland	Same weight	0.3%	0.3%
China	Same weight	0.1%	0.1%
Mexico	Same weight	0.1%	0.1%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

BSTP103.8%
QBSV101.5%

Securities held

BSTP3
QBSV2

Asset class

BSTP: Equity
QBSV: Equity

Holdings

Only in BSTP3
In both0
Only in QBSV2

Only in BSTP

3 securities, 100% of BSTP by weight

Spy 08/31/2027 7.72 C98.24%
Spy 08/31/2027 767.1 P5.36%
Us Bank Mmda - Usbgfs 9 09/01/20370.20%

Only in QBSV

2 securities, 100% of QBSV by weight

Spy 12/31/2026 5.64 C99.16%
Spy 12/31/2026 762.71 P1.76%

Weight gaps

BSTP and QBSV share no securities.

All 5 BSTP holdings⁠All 5 QBSV holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BSTP vs QBSV Cost

Overpaying BSTP vs QBSV

$4,334

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

BSTP 0.89%
$16,872
QBSV 0.64%
$12,538

Amount$10,000

Years30 years

Cost over time

BSTP 0.89%
QBSV 0.64%
Overpaying

Year by year

Year	BSTP	QBSV	Overpaying
10	$1,576	$1,145	$431
20	$5,953	$4,375	$1,578
30	$16,872	$12,538	$4,334

Expense ratio

0.89%BSTP
0.64%QBSV, cheaper

QBSV0.64%BSTP0.89%

0.30%0.89%

Middle half of S&P 500 Buffer funds
Median 0.64%

QBSV 4th cheapest of 7 funds

BSTP 7th cheapest of 7 funds

BSTP vs QBSV Dividends

Last 12 months to Oct 30, 2026

Payout (12M): BSTP None; QBSV None

Distribution history

BSTPAll BSTP payments⁠

No distribution history available.

QBSVAll QBSV payments⁠

No distribution history available.

BSTP vs QBSV Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BSTP 7.8%QBSV No data
Return per unit of riskSharpe ratio, 3 years: BSTP 1.31QBSV No data
Worst fallMax drawdown, 5 years: BSTP −16.7%since Mar 2022QBSV No data
Market sensitivityBeta, 5 years: BSTP 0.69QBSV 0.18; Market = 1

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