PSTP — Innovator Power Buffer Step-Up Strategy ETF
Data updated: 2026-09-28
PSTP — Innovator Power Buffer Step-Up Strategy ETF. United States Blend / Core Equity · $132.92M AUM. Holdings, fees, performance and SEC filings.
PSTP Fund Overview
PSTP — Innovator Power Buffer Step-Up Strategy ETF is a US ETF managed by Innovator ETFs Trust, categorised as United States Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US ETF
- Manager: Innovator ETFs Trust
- Category: United States Blend / Core Equity
- Assets under management: $132.92M
- 1-year return: 9.2%
- Ticker: PSTP
- SEC CIK: 0001415726
- SEC series ID: S000075440
- Share class ID: C000234538
PSTP Investment Objective and Strategy
Innovator Power Buffer Step-Up Strategy ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Innovator ETFs Trust.
Investment objective
The Fund seeks to provide investors with investment exposure to the return of an ETF that tracks the returns, before fees and expenses, of an index of large capitalization U.S. equity securities (the Underlying ETF ), subject to potential investment gains up to a limit (prior to taking into account management fees and other fees), while providing the potential for downside protection against investment losses up to a limit (prior to taking into account management fees and other fees).
Principal investment strategy
General Strategy Description. The Fund is an actively managed ETF that seeks to provide risk -managed investment exposure to the Underlying ETF. The Fund seeks to achieve its investment objective by investing in exchange -traded options contracts with one -year expirations (specifically, FLexible EXchange Options ( FLEX Options )) on the Underlying ETF (the Options Portfolio ) and may also invest directly in the Underlying ETF (or the components thereof). As described below, the Fund seeks to participate in the return of the Underlying ETF, subject to an upside return limit and a measure of downside loss protection (a Buffer ). The Sub -Adviser (defined below) will actively monitor the performance of the Options Portfolio and as described below, rebalance or step -up the Options Portfolio prior to its expiration.
Participation in Underlying ETF Returns. The Fund seeks to participate in the in the returns of the Underlying ETF, subject to an upside return limit and protection against a measure of downside losses of the Underlying ETF. Step -Up Strategy. The Funds step -up investment strategy seeks to help a Funds shareholder offset the timing risks inherent in owning an options package for one year. The Options Portfolio is designed to produce investment outcomes only for the duration of its one -year options contracts and not for any different period of time . However, the Sub -Adviser intends to manage the Funds investment exposure by periodically terminating its Options Portfolio earlier than its one -year expiration date and immediately resetting its Options Portfolio for a new one -year period ( i.e.
, step -up its holdings). Each month, the Sub -Adviser will observe increases and decreases in the Fund from the time the Funds FLEX Options holdings were originally entered into and will seek to realize gains experienced by the Fund or Buffer used by the Fund by resetting the Funds Options Portfolio. In implementing the step -up strategy, the Sub -Adviser will seek to protect capital or capture portfolio gains experienced by the Fund, depending on its evaluation of market conditions each month. See Principal Investment StrategiesStep -Up Strategy below. There is no guarantee the Fund will be successful in implementing this strategy. The Fund does not pursue a defined outcome strategy. Defined outcome strategies seek to produce pre -determined investment outcomes based upon the performance of an underlying security over a specific period of time ( e.g., one year).
The Fund will not seek to provide a set level of investment outcomes over a stated time period. Unlike other ETFs that utilize a defined outcome investment strategy, the Fund does not seek to provide shareholders with a set Buffer percentage and maximum upside potential over any specified time period. Shareholders will experience investment results that are very different than if the Fund held the Options Portfolio for its contract duration. The successful implementation of the step -up investment strategy is not guaranteed. In implementing the above, the Fund invests in FLEX Options that reference the Underlying ETF and may also invest in the Underlying ETF (or the components thereof) directly. The Underlying ETF is an ETF that seeks to provide investment results that, before fees expenses, correspond generally to the total return performance of an index that tracks the performance of large capitalization exchange -traded U.S.
equity securities, specifically the S&P 500 Index. For additional information regarding the Underlying ETF, see Additional Information Regarding the Funds Principal Investment Strategies. The Funds investment adviser is Innovator Capital Management, LLC ( Innovator or the Adviser ) and the Funds investment sub -adviser is Milliman Financial Risk Management LLC ( Milliman or the Sub -Adviser ). The Fund is classified as a non -diversified company under the Investment Company Act of 1940, as amended (the 1940 Act ). To the extent the Underlying ETF is considered to be concentrated ( i.e. , holds 25% or more of its total assets) in the securities of a particular industry or group of industries, the Fund will concentrate to approximately the same extent. As of the date of this prospectus, the Fund has significant exposure to the information technology sector.
Portfolio Return Profile. The Funds portfolio seeks to replicate the performance of the Underlying ETF, subject to a maximum return potential and a Buffer. The Options Portfolio is designed to produce investment outcomes only for the duration of its one -year options contracts and not for any different period of time. As described more fully below, the Fund does not seek to achieve the full one -year investment outcomes of the Options Portfolio, as the Sub -Adviser intends to opportunistically reset the Options Portfolio prior to the one -year expiration date of the FLEX Options. The power Buffer denotes the 15% of Underlying ETF losses that the Options Portfolio seeks to protect over the duration of each one -year contract term of the FLEX Options. The Sub -Adviser seeks to specifically select the strike price for each FLEX Option contract such that if the FLEX Options were exercised on the expiration date (the final day of the one -year term), the Funds NAV would be subject to the maximum gains on the performance of the Underlying ETFs share price over the duration of the options contract or the benefit from the protection of the Buffer, as follows: In the event that the Underlying ETF decreases in value by less than 15% over the duration of the Options Portfolio, the Fund seeks to provide investment return of 0%.
In the event that the Underlying ETF decreases in value by more than 15% over the duration of the Options Portfolio, the Options Portfolio seeks to provide losses that are 15% less than the losses experienced by the Underlying ETF. In the event that the Underlying ETF increases in value over the duration of the Options Portfolio, the Options Portfolio seeks to provide investment returns that match the performance of the Underlying ETF, up to a maximum percentage return the Fund can achieve for the duration of the Options Portfolio, which is dependent on prevailing market conditions at the times the Fund enters into the FLEX Options. The Funds sought -after returns, including the Buffer and maximum gain potential of Underlying ETF performance that the Options Portfolio seeks to provide, are provided prior to taking into account annual Fund management fees, transaction fees and any extraordinary expenses incurred by the Fund.
These expenses will have the effect of reducing the Funds returns, including the maximum gain potential amount and Buffer amount experienced by shareholders. If the Fund invests in the Underlying ETF directly (or the components thereof), the Adviser will assume an estimated dividend rate for the Underlying ETF (which is based on the historical dividend rate of the Underlying ETF) to calculate the Buffer and maximum return potential. To the extent the dividends received by the Fund differ from this assumed historical rate, the Buffer and maximum return potential may be higher or lower than disclosed herein. If the Fund invests directly in the Underlying ETF, it will bear its proportionate share of the Underlying ETFs expenses. The Adviser has entered into an agreement to waive its management fee to the extent of the acquired fund fees and expenses incurred in connection with its investment in the Underlying ETF.
As further described herein, the Fund does not expect that the Options Portfolio will be held until the expiration date of the FLEX Options. Instead, the Sub -Adviser will seek to opportunistically manage the Funds investment exposure by periodically terminating its FLEX Options investments earlier than its one -year expiration date and immediately reset the Funds Options Portfolio for a new one -year period. Both the maximum gain potential and the sought -after Buffer are measured from the price of the Underlying ETF at the time the FLEX Option contracts are executed and will only be provided on the expiration date. As a result, the degree to which a shareholder may benefit from the Funds potential for participating in the return of the Underlying ETF and the Buffer against Underlying ETF losses will depend on the time at which the investor purchases Shares of the Fund and the Sub -Adviser s determination of when to reset the Options Portfolio.
Because the Funds investment strategy is not designed to hold the Options Portfolio to its expiration date, shareholders will experience investment results that are very different than if the Fund held the Options Portfolio for its contract duration. Shareholders may realize losses on price decreases of the Underlying ETF of less than the 15% Buffer and may lose their entire investment. These potential losses are possible even if a shareholder remained in the Fund for a one -year period after an Options Portfolio was established, as it is likely that the Options Portfolio will reset during that time. Further, the Options Portfolio is designed to protect against Underlying ETF losses and provide for a maximum gain potential based upon the price of the Underlying ETF at the time the FLEX Option contracts are into by the Fund.
However, the degree to which a shareholder may benefit from the Funds Underlying ETF upside potential and Buffer against Underlying ETF losses will depend on the time at which the investor purchases Shares of the Fund. At any given time after Sub -Adviser resets the Options Portfolio there may be limited upside potential or Buffer remaining due to the performance of the Underlying ETF. If the price of the Underlying ETF is near or above the Funds maximum return potential, such investor may have little to no upside potential until the Sub -Adviser determines to step -up the Funds Options Portfolio and would still remain vulnerable to significant downside risk before the sought -after protection from the Buffer began. Similarly, if the Underlying ETF has decreased in price significantly to equal or exceed the Funds anticipated Buffer, the shareholder would also remain vulnerable to significant downside risk and would receive no benefit from the Buffer.
A shareholder could lose its entire investment. There is no guarantee that the Sub -Adviser will be successful in its attempt to provide the Buffer. Step -Up Strategy. The Funds step -up investment strategy seeks to help a Funds shareholder offset the timing risks inherent in owning an options package for one year. The Sub -Adviser will seek to realize gains experienced by the Fund (which are limited to the maximum gain potential) or realize the Buffer used by the Fund by resetting the Funds Options Portfolio as often as monthly and therefore resetting the Funds maximum upside potential and Buffer. The successful implementation of the step -up investment strategy is not guaranteed. As a result of the performance of the Underlying ETF during the term of the FLEX Options (the value of which is derived from, in part, the value of the Underlying ETFs share price), the Fund may have little or no upside available for the remainder of the options contract term (if the Underlying ETF has increased in value) or little or no ability to benefit from the Buffer (if the Underlying ETF has decreased in value).
With the step -up investment strategy, the Fund may, at the end of each month, sell the then -current Options Portfolio and immediately enter into new FLEX Options contracts that establish a new one -year expiration date. In doing so, the Fund will reset its exposure to the Underlying ETF and continue to have the potential to increase in a market environment where the value of the Underlying ETF is steadily increasing or derive continued benefit from a Buffer in a market environment where the Underlying ETF is steadily decreasing.
PSTP Holdings
Top 1 holdings of Innovator Power Buffer Step-Up Strategy ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| US Bank Mmda - Usbgfs 9 | 0.06% |
PSTP Portfolio Allocation
Asset-class allocation of Innovator Power Buffer Step-Up Strategy ETF by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Derivatives | 100.0% |
| Cash & Equivalents | 0.1% |
PSTP Performance
Total returns for PSTP (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 4.6% |
| 1 year | 9.2% |
| 3 years (annualised) | 10.1% |
PSTP Risk Information
Risk metrics for PSTP, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 5.8%
PSTP Costs and Fees
PSTP costs about $89 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.89%
- Gross expense ratio: 0.89%
- Portfolio turnover: 0%
- Brokerage commissions: 10.01 bps of average net assets (SEC N-CEN)
PSTP Cashflows
Over the 12 months to 2026-07, Innovator Power Buffer Step-Up Strategy ETF had net inflows of $2.18M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-07 | $740.52K |
| 2026-06 | $1.73M |
| 2026-05 | −$807.27K |
| 2026-04 | −$1.91M |
| 2026-03 | $880.76K |
| 2026-02 | −$8.56K |
PSTP Debt Constituents
No individual debt constituents are reported in Innovator Power Buffer Step-Up Strategy ETF's latest SEC N-PORT filing.
PSTP Prospectus and SEC Filings
Official Innovator Power Buffer Step-Up Strategy ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-02-27
- Prospectus (485BPOS) — filed 2025-02-28
- Prospectus (485BPOS) — filed 2024-02-27
- Portfolio holdings (N-PORT) — filed 2026-09-28
- Portfolio holdings (N-PORT) — filed 2026-06-26
- Portfolio holdings (N-PORT) — filed 2026-03-27
- Annual census (N-CEN) — filed 2026-01-13
- Annual census (N-CEN) — filed 2025-01-15
Related Funds
Other United States Blend / Core Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.