QBF — Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly

QBF Fund Overview

QBF — Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly is a US ETF managed by Innovator ETFs Trust, categorised as Ultra-Short Treasury / Sovereign Bond. 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: Ultra-Short Treasury / Sovereign Bond
• Assets under management: $12.21M
• 1-year return: -43.9%
• Ticker: QBF
• SEC CIK: 0001415726
• SEC series ID: S000090181
• Share class ID: C000257093

QBF Investment Objective and Strategy

Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly 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 results that participate in a percentage of any positive price returns of bitcoin (prior to taking into account management fees, shareholder transaction fees, brokerage commissions, taxes and any extraordinary expenses incurred by the Fund) while providing a maximum loss of 20% of any bitcoin price return losses (prior to taking into account management fees, shareholder transaction fees, brokerage commissions, taxes and any extraordinary expenses incurred by the Fund), over successive three -month periods.

Principal investment strategy

General Strategy Description. The Fund has adopted a policy pursuant to Rule 35d -1 under the 1940 Act to invest, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in investments that provide exposure to bitcoin. The Fund expects such investments to consist of options contracts, including FLexible EXchange Options ( FLEX Options ), that reference the CBOE Bitcoin U.S. ETF Index (the Bitcoin ETP Index or the Bitcoin Reference Asset )). The Bitcoin ETP Index is comprised of exchange -traded products that hold bitcoin directly (each, a Bitcoin ETP ). FLEX Options are exchange -traded option contracts with uniquely customizable terms. Although guaranteed for settlement by the Options Clearing Corporation (the OCC ), FLEX Options are still subject to counterparty risk with the OCC and may be less liquid than more traditional exchange -traded options.

The Bitcoin ETP Index is a modified market capitalization -weighted index designed to reflect the price return performance of a basket of Bitcoin ETPs listed on U.S. Exchanges. Bitcoin ETPs are exchange -traded investment products not registered under the Investment Company Act of 1940, as amended (the 1940 Act ), that seek to reflect the price of bitcoin, before fees and expenses, by purchasing and storing bitcoin in a digital vault and issuing exchange -listed shares that correspond to the price of bitcoin it holds. The Bitcoin ETPs that the Fund may utilize as the Bitcoin ETP Index include: iShares Bitcoin Trust ETF, Grayscale Bitcoin Trust, Fidelity Wise Origin Bitcoin Fund, Bitwise Bitcoin ETF Trust, ARK 21Shares Bitcoin ETF or the VanEck Bitcoin Trust. For the current Outcome Period, the Bitcoin ETP Index is the Bitcoin ETP Index.

Additional information regarding the Bitcoin ETP Index is available in Additional Information Regarding the Funds Principal Investment Strategies. The Fund is classified as a non -diversified company under the 1940 Act. The Fund will not concentrate its investments in securities of issuers in any industry or group of industries as the term concentrate is used in the 1940 Act, except that the Fund may invest more than 25% of its total assets in investments that provide exposure to the Bitcoin Price. Due to the unique mechanics of the Funds strategy, the return an investor can expect to receive from an investment in the Fund has characteristics that are distinct from many other investment vehicles. It is important that an investor understand these characteristics before making an investment in the Fund.

The Fund does not directly invest in bitcoin. The Fund provides investment exposure to the price performance of bitcoin ( i.e. , spot bitcoin prices), as represented by the price of the Bitcoin ETP Index (the Bitcoin Price ) by investing in FLEX Options that reference the Bitcoin ETP Index. The pre -determined outcomes sought by the Fund, which include the Floor and Participation Rate discussed below (the Outcomes ), are based upon the Bitcoin ETP Index, over an approximately three -month period (the Outcome Period ). The current Outcome Period is from April 1, 2026 through June 30, 2026. Following the Outcome Period, each successive Outcome Period will begin on the day the prior Outcome Period concludes and will end three months thereafter. In addition to its investments in FLEX Options, the Fund also invests in U.S.

Treasury Bills ( U.S. Treasuries ), that in combination with the Funds FLEX Options, produce the Funds Outcomes for an Outcome Period. See Principal Investment StrategiesThe Funds Investments below for additional information. Following the Outcome Period, each successive Outcome Period will begin on the day the prior Outcome Period concludes and will end three months thereafter. Upon conclusion of the Outcome Period, the Fund will receive the cash value of its investments held for the prior Outcome Period. It will then invest in a new series of FLEX Options and U.S. Treasuries with an expiration date or maturity date, respectively, in approximately three months and a new Outcome Period will begin. The Outcomes may only be realized by investors who continuously hold Shares from the commencement of the Outcome Period until its conclusion.

Investors who purchase Shares after the Outcome Period has begun or sell Shares prior to the Outcome Periods conclusion may experience investment returns that are very different from those that the Fund seeks to provide. An investor that holds Shares through multiple Outcome Periods may fail to experience gains comparable to those of the Bitcoin Price over time because at the end of the Outcome Period a new Participation Rate will be established and any gains in the Bitcoin Price above the Participation Rate will be forfeited. The Outcomes the Fund seeks to provide and discussed herein are provided based on the Funds NAV, whereas shareholders purchase or sell Shares on the Exchange at market prices. Any disconnect between the Funds NAV and market prices of Shares will result in returns that deviate from the Outcomes the Fund seeks to provide.

The Funds strategy has been specifically designed to produce the Outcomes based upon the Bitcoin Price at the outset of the Outcome Period through its the conclusion, subject to the Participation Rate and Floor described herein. The Fund seeks to provide shareholders that hold Shares for the entire Outcome Period with a maximum loss experienced by the Bitcoin Price over the course of the Outcome Period of 20% (the Floor ), before taking into account annual Fund management fees, shareholder transaction fees, brokerage commissions, taxes and any extraordinary expenses incurred by the Fund. The Floor is provided after taking into account interest income received via the U.S. Treasuries. The Funds shareholders will bear all Bitcoin Price losses on a one -to-one basis prior to the Floor. There is no guarantee that the Fund will be successful in providing the sought -after Floor.

See Principal Investment StrategiesFloor herein for additional information regarding the Floor. If the Bitcoin Price increases over the duration of the Outcome Period, the Fund seeks to provide investors that hold Shares for the entire Outcome Period with 67.00% of the increase in value experienced by the Bitcoin Price over the duration of the Outcome Period (the Participation Rate ). As a result of the Participation Rate, while the Fund is not capped in the amount of upside performance it can experience, the Funds returns will underperform any positive returns in the Bitcoin Price. Since the Fund will not participate in the entirety of the gains experienced by the Bitcoin Price through the operation of the Participation Rate, the Fund will underperform any gains in the Bitcoin Price over the course of the Outcome Period and shareholders will forfeit any gains in the Bitcoin Price that exceed the Participation Rate.

Any gains experienced by shareholders will be reduced by the Funds management fee for the Outcome Period, and further reduced by any shareholder transaction fees, brokerage commissions, taxes and any extraordinary expenses incurred by the Fund. Unlike other funds that employ a defined outcome strategy, the Fund does not limit returns investors may receive through the implementation of capped returns, or a cap. Rather, the Fund participates in a percentage of positive returns of the Bitcoin Price and such returns are limited by the Participation Rate. The Participation Rate is dependent upon market conditions at the time the Fund enters into its FLEX Options for the Outcome Period and is likely to rise or fall from one Outcome Period to the next. Accordingly, it is possible that the Participation Rate in a subsequent Outcome Period could be substantially lower or higher than the current Participation Rate.

As is discussed in further detail below, it is anticipated that during the Outcome Period the Funds NAV will not increase or decrease at the same rate as the Bitcoin Price. The Funds NAV is based upon the value of its portfolio, which includes the FLEX Options and U.S. Treasuries. Although the value of the Bitcoin Price is a significant component of the value of the Funds FLEX Options, the time remaining until those FLEX Options expire also affects their value. The Funds investment sub -adviser , Milliman Financial Risk Management LLC ( Milliman or the Sub -Adviser ), generally anticipates that the Funds NAV will increase on days when the Bitcoin Price increases and will decrease on days when the Bitcoin Price decreases, but that the rate of such increase or decrease will be less than the Bitcoin Price.

The Funds investment strategy seeks to provide a limit to the maximum loss of the Bitcoin Price experienced by the Fund over the course of the Outcome Period while simultaneously participating in a percentage of the returns of the Bitcoin Price (discussed in detail below). The two hypothetical graphical illustrations provided below are designed to illustrate the Outcomes that the Fund seeks to provide for investors who hold Shares for the entirety of the Outcome Period. There is no guarantee that the Fund will be successful in its attempt to provide the Outcomes for an Outcome Period. The returns that the Fund seeks to provide do not include the costs associated with purchasing Shares and certain expenses incurred by the Fund. The graphical illustrations below are for illustrative purposes and a potential Participation Rate and the impact on the returns of the Fund in comparison to the returns of the Bitcoin Price.

If the Participation Rate is lower or higher than those shown for an Outcome Period, the positive returns experienced by investors, if any, will differ than those presented below. The Participation Rate is likely to change from one Outcome Period to the next and may be significantly higher or lower. The following table contains hypothetical examples designed to illustrate the Outcomes the Fund seeks to provide over an Outcome Period, based upon the performance of the Bitcoin Price from -100 % to 100%. The table is provided for illustrative purposes and does not provide every possible performance scenario for Shares over the course of an Outcome Period. There is no guarantee that the Fund will be successful in its attempt to provide the Outcomes for an Outcome Period. The table is not intended to predict or project the performance of the Bitcoin Price or the Fund.

Fund shareholders should not take this information as an assurance of the expected performance of the Bitcoin Price or return on Shares. The actual overall performance of the Fund will vary with fluctuations in the value of the FLEX Options during the Outcome Period, among other factors. Please refer to the Funds website, www.innovatoretfs.com/qbf , which provides updated information relating to this table on a daily basis throughout the Outcome Period. Bitcoin ETP Index Performance Fund Performance* 100% 67.00% 50% 33.50% 20% 13.40% 15% 10.05% 10% 6.70% 5% 3.35% 0% 0% (5)% (5)% (10)% (10)% (15)% (15)% (20)% (20)% (50)% (20)% (100)% (20)% * The Funds returns listed herein are provided prior to taking into account any fees or expenses charged to shareholders. The Funds annual management fee of 0.79% of the Funds average daily net assets, any shareholder transaction fees, any acquired fund fees and expenses, and any extraordinary expenses incurred by the Fund will have the effect of reducing the returns listed herein.

The Funds Investments. The Fund holds a portfolio composed of U.S. Treasuries and FLEX Options that reference the Bitcoin ETP Index. The FLEX Options and U.S. Treasuries are each set to expire or mature, respectively, on the last day of the Outcome Period. A detailed explanation regarding the Funds investment portfolio can be found in Additional Information Regarding the Funds Principal Investment Strategies. Use of FLEX Options.

QBF Holdings

Top 2 holdings of Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all QBF holdings

QBF Portfolio Allocation

Asset-class allocation of Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly by percentage of net assets, from the latest SEC N-PORT filing.

QBF Performance

Total returns for QBF (as of 2026-10-01), from SEC filings.

QBF Risk Information

Risk metrics for QBF, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 27.5%

QBF Costs and Fees

QBF costs about $79 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.79%
• Gross expense ratio: 0.79%
• Portfolio turnover: 0%
• Brokerage commissions: 1.72 bps of average net assets (SEC N-CEN)

QBF Cashflows

Over the 12 months to 2026-07, Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly had net inflows of $7.23M, from monthly SEC N-PORT filings.

QBF Debt Constituents

Largest debt holdings of Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly by percentage of net assets, from the latest SEC N-PORT filing.

QBF Prospectus and SEC Filings

Official Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus supplement (497) — filed 2026-04-01
• Prospectus supplement (497) — filed 2026-01-02
• Prospectus supplement (497) — filed 2025-10-01
• 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

Related Funds

Other Ultra-Short Treasury / Sovereign Bond funds tracked on ABC INVEST:

• Vanguard 0-3 Month Treasury Bill ETF (VBIL)
• US Treasury 3 Month Bill ETF (TBIL)
• Global X 1-3 Month T-Bill ETF (CLIP)
• Invesco Short Term Treasury ETF (TBLL)
• Abbey Capital Futures Strategy Fund (ABYAX)

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.