XTAP vs XUSP

XTAPBInnovator U.S. Equity Accelerated Plus ETF

XUSPBInnovator Uncapped Accelerated U.S. Equity ETF

In short

XTAP Most equity funds hand you the market's move. XTAP aims to triple the S&P 500's gain over an April-to-March year, up to a cap, while taking declines roughly one for one. No buffer, no daily reset: you trade a ceiling for acceleration.

XUSP Most accelerated funds buy extra upside by selling you a cap. XUSP skips the cap: each option package sits out SPY's first 5% of gains, then aims to amplify what comes after, on a rolling quarterly ladder.

Stated mandate

XTAP The fund seeks three times the increase of its S&P 500-tracking Underlying ETF over the annual April 1–March 31 outcome period, subject to a cap. It bears Underlying ETF losses one-for-one and provides no buffer; the current period is April 1, 2026 through March 31, 2027, with a 19.47% pre-fee cap.

XUSP XUSP seeks potential to outperform SPY’s price return once its performance thresholds are exceeded. It pursues uncapped enhanced upside through four one-year FLEX option packages with laddered quarterly expirations; each package does not participate in SPY’s first 5% of gains.

Why people hold it

• XTAP Triples the index's upside to a cap using options that reset each April 1. No daily reset, no compounding drift from holding through a choppy stretch, no borrowed money.innovatoretfs.com
• At 0.79% it sits at the going rate for accelerated funds and undercuts First Trust's enhance-and-buffer siblings on the same index (XMAR, XJUN) at 0.85%.
• Live since 2021 and built to roll: the fund resets at the end of each outcome period and can be held straight through, so there is no annual ticker swap.innovatoretfs.com
• One of the stronger implementations in its accelerated S&P 500 peer group on cost and structure.

• XUSP Uncapped by design. Where most enhanced-upside strategies bolt a ceiling onto the payoff, this one aims to keep amplifying SPY's advance above the threshold.globenewswire.com
• Four one-year FLEX option packages expire on a quarterly ladder, so no single start date sets the terms for your whole position the way a dated outcome fund does.innovatoretfs.com
• At 0.79%, the fee sits level with the median for accelerated SPY strategies, including Innovator siblings XTAP and XDSQ. The uncapped twist doesn't cost more.

Worth knowing

• XTAP The ceiling is the whole bargain. Upside stops at the cap, which is reset for each new period, and mid-period buyers get whatever cap is left rather than the headline number.innovatoretfs.com
• No buffer here. Index declines land on you roughly one for one, and the outcomes are designed around holding from the first day of the period to the last.innovatoretfs.com
• A small, lightly traded fund with no distributions in the past year, so wider spreads and a total-return-only profile come with the package.

• XUSP The 5% giveback is the price of admission. Each package skips SPY's first 5% of gains, which stings most in flat or single-digit years.innovatoretfs.com
• The engineering is all on the upside. There's no buffer, and the reference point is SPY's price return, so dividends sit outside the payoff.innovatoretfs.com
• Small and thinly traded next to plain index funds, so limit orders and avoiding the opening and closing minutes are worth the habit.

Full XTAP profile⁠

Full XUSP profile⁠