XBAP ETF — Holdings & Analysis

The Innovator U.S.

Equity Accelerated 9 Buffer ETF (XBAP) offers a unique approach to S&P 500 exposure, aiming for double the upside of the SPY ETF, up to a cap, while providing a buffer against the first 9% of losses annually. With $0.13 billion in assets under management and an expense ratio of 0.79%, XBAP resets its strategy annually, allowing investors to maintain a consistent risk/reward profile. The fund's strategy makes it distinct from standard index-tracking ETFs, appealing to investors seeking downside protection and amplified gains, albeit with a capped upside.

Innovator U.S. Equity Accelerated 9 Buffer ETF (XBAP) ETF — Price, Holdings & Analysis

The Innovator U.S. Equity Accelerated 9 Buffer ETF (XBAP) offers a unique approach to S&P 500 exposure, aiming for double the upside of the SPY ETF, up to a cap, while providing a buffer against the first 9% of losses annually. With $0.13 billion in assets under management and an expense ratio of 0.79%, XBAP resets its strategy annually, allowing investors to maintain a consistent risk/reward profile. The fund's strategy makes it distinct from standard index-tracking ETFs, appealing to investors seeking downside protection and amplified gains, albeit with a capped upside.

ETF Overview

S. Equity Accelerated 9 Buffer ETF seeks to provide double (2x) the upside return of SPY (SPDR S&P 500 ETF Trust), to a cap, with approximately single exposure to the downside, over a one-year outcome period. The ETF buffers investors against the first 9% of losses over the outcome period. The ETF can be held indefinitely, resetting at the end of each outcome period, approximately annually.

XBAP, the Innovator U.S. Equity Accelerated 9 Buffer ETF, seeks to provide investors with a unique risk-managed exposure to the U.S. equity market. The ETF aims to deliver double the upside return of the SPDR S&P 500 ETF Trust (SPY), subject to a cap, while buffering investors against the first 9% of losses over a one-year outcome period. This strategy resets annually, allowing investors to maintain a consistent risk profile over the long term. The fund achieves this through a combination of options strategies. XBAP's portfolio is concentrated, holding only 7 positions, primarily in derivatives designed to mimic the S&P 500's performance with the stated buffer and acceleration. Sector allocation is heavily weighted towards Technology at 33.1%, followed by Financial Services at 12.3% and Communication Services at 10.7%. This ETF is designed for investors who are looking for a way to participate in equity market gains while mitigating potential losses, accepting a capped upside in exchange for downside protection.

Risk Metrics

XBAP presents a unique risk profile due to its accelerated and buffered strategy. While it offers protection against the first 9% of losses, it also caps potential gains, limiting upside participation. The 0.79% expense ratio is relatively high, which can create a drag on performance, especially in periods of low market volatility. The fund's beta of 0.37 indicates lower volatility compared to the broader market, but this is a reflection of its buffered strategy rather than inherent stability. Sector concentration is a key risk, with 33.1% of the portfolio allocated to the Technology sector, meaning performance is highly correlated to the performance of technology companies. The fund's concentrated holdings (7 in total) also increase risk, as the performance of each holding has a significant impact on the overall portfolio. Investors should carefully consider their risk tolerance and investment goals before investing in XBAP.

Expense Ratio

0.79%

How Is the Fund Allocated?

Sector	Weight
Technology	33.1%
Financial Services	12.3%
Communication Services	10.7%
Consumer Cyclical	10.1%
Healthcare	9.8%
Industrials	8.7%
Consumer Defensive	5.4%
Energy	3.5%
Utilities	2.5%
Real Estate	2.0%
Basic Materials	1.9%

Country	Weight
Other	100.0%

Dividend Yield

0.00%

Invesco QQQ Trust, Series 1 (QQQ) — 0.18% expense ratio
State Street Technology Select Sector SPDR ETF (XLK) — 0.08% expense ratio
State Street Energy Select Sector SPDR ETF (XLE) — 0.08% expense ratio
State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) — 0.16% expense ratio
iShares Russell 2000 ETF (IWM) — 0.19% expense ratio
State Street Financial Select Sector SPDR ETF (XLF) — 0.08% expense ratio
iShares MSCI Emerging Markets ETF (EEM) — 0.72% expense ratio
iShares MSCI EAFE ETF (EFA) — 0.32% expense ratio

Innovator U.S. Equity Power Buffer ETF (PJAN) (Equity) — 0.79% expense ratio
Innovator Equity Dual Directional 10 Buffer ETF (DDTN) (Equity) — 0.79% expense ratio
Innovator Equity Dual Directional 15 Buffer ETF (DDFN) (Equity) — 0.79% expense ratio
Innovator Emerging Markets Power Buffer ETF (EAPR) (Equity) — 0.89% expense ratio
Innovator Equity Dual Directional 10 Buffer ETF (DDTJ) (Equity) — 0.79% expense ratio
Innovator U.S. Equity Accelerated Plus ETF (XTJL) (Equity) — 0.79% expense ratio

Risk Metrics

Beta: 0.37

Questions & Answers

What is XBAP and what does it track?

The Innovator U.S. Equity Accelerated 9 Buffer ETF (XBAP) is designed to provide a unique investment outcome linked to the performance of the SPDR S&P 500 ETF Trust (SPY).

XBAP aims to deliver double the upside return of SPY, up to a predetermined cap, while buffering investors against the first 9% of losses over a one-year outcome period.

What is the expense ratio for XBAP?

The expense ratio for the Innovator U.S. Equity Accelerated 9 Buffer ETF (XBAP) is 0.79%. This means that for every $1000 invested, $7.90 is used to cover the fund's operating expenses.

While this provides a unique buffered and accelerated exposure, the expense ratio is higher than passively managed S&P 500 index funds, which typically have expense ratios below 0.10%.

What are the top holdings in XBAP?

As of 2026-03-15, XBAP holds a concentrated portfolio of 7 positions, primarily consisting of FLEX Options referencing the SPDR S&P 500 ETF Trust (SPY).

While the exact weights of each option contract fluctuate daily, the fund's strategy revolves around these derivative instruments. These options are used to create the desired buffered and accelerated return profile.

Is XBAP a good long-term investment?

Whether XBAP is a suitable long-term investment depends on an investor's individual goals, risk tolerance, and investment horizon.

XBAP offers a unique risk-managed approach to S&P 500 exposure, providing a buffer against the first 9% of losses annually while aiming for double the upside, up to a cap.

How does XBAP compare to similar ETFs?

XBAP differentiates itself through its unique combination of accelerated upside and buffered downside exposure to the S&P 500. While other buffered ETFs exist, XBAP aims for double the upside return, albeit with a capped potential.

Does XBAP pay dividends?

According to the latest available data, the Innovator U.S. Equity Accelerated 9 Buffer ETF (XBAP) does not currently pay dividends. Its dividend yield is reported as 0.00%.

The fund's strategy focuses on providing a buffered and accelerated return profile rather than generating income through dividends. Investors seeking dividend income may want to consider other ETFs that prioritize dividend payouts.