XDAP — Innovator U.S. Equity Accelerated ETF - April

XDAP Fund Overview

XDAP — Innovator U.S. Equity Accelerated ETF - April is a US ETF managed by Innovator ETFs Trust, categorised as United States Large Cap 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 Large Cap Blend / Core Equity
• Assets under management: $6.33M
• 1-year return: 16.3%
• Ticker: XDAP
• SEC CIK: 0001415726
• SEC series ID: S000070747
• Share class ID: C000224889

XDAP Investment Objective and Strategy

Innovator U.S. Equity Accelerated ETF - April 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 returns that are twice those of the SPDR S&P 500 ETF Trust, up to the upside cap of 17.40% (prior to taking into account management fees and other fees) while approximately matching SPDR S&P 500 ETF Trust losses, over the period from April 1, 2024 through March 31, 2025.

Principal investment strategy

General Strategy Description. The Fund invests at least 80% of its net assets in a portfolio of FLexible EXchange Options ( FLEX Options ) that reference the SPDR S&P 500 ETF Trust (the Underlying ETF ), an exchange -traded fund registered under the Investment Company Act of 1940 (the 1940 Act ). The Underlying ETF seeks to track the investment results of the S&P 500 Index, a large -cap , market -weighted , U.S. equities index that tracks the performance of 500 leading companies in leading industries. To the extent the Underlying ETF concentrates ( 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 its investments to approximately the same extent. Through its use of FLEX Options on the Underlying ETF, the Fund has significant exposure to information technology companies.

Additional information about the Underlying ETF is set forth in the section entitled Additional Information Regarding the Funds Principal Investment Strategies. 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. In general, an option contract is an agreement between a buyer and seller that gives the purchaser of the option the right to buy or sell a particular asset at a specified future date at an agreed upon price. FLEX Options are exchange -traded options 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.

Each of the FLEX Options purchased and sold throughout the Outcome Period are expected to have the same or similar terms ( i.e. , strike price and expiration) as the corresponding FLEX Options purchased and sold on the first day of the Outcome Period. The reference asset for all of the Funds FLEX Options is the Underlying ETF. The pre -determined outcomes sought by the Fund, which include the accelerated return and cap discussed below (the Outcomes ), are based upon the performance of the Underlying ETFs share price over an approximately one -year period from April 1 through March 31 of the following year (the Outcome Period ). The current Outcome Period is from April 1, 2024 through March 31, 2025. Upon the conclusion of the Outcome Period, the Fund will receive the cash value of all the FLEX Options it held for the prior Outcome Period.

It will then invest in a new series of FLEX Options with an expiration date in approximately one year, 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 very different from those that the Fund seeks to provide. The Outcomes. The Funds strategy has been specifically designed to produce the Outcomes based upon the performance of the Underlying ETFs share price (or its price return) over the duration of the Outcome Period. The Fund will not receive or benefit from any dividend payments made by the Underlying ETF.

The Fund is not an appropriate investment for income -seeking investors. If the Underlying ETFs share price increases over the duration of the Outcome Period, the Fund seeks to provide investors who hold Shares for the entire Outcome Period with an increase in value that is twice the share price increase experienced by the Underlying ETF (the Accelerated Return ), subject to an upside return cap discussed in greater detail below (the Cap ). If the Underlying ETFs share price decreases in value over the duration of the Outcome Period, the Fund seeks to provide Fund shareholders that hold Shares for the entire Outcome Period with an Outcome that provides for a decrease in value that is approximately equal to the share price decrease experienced by the Underlying ETF. The Funds shareholders will bear all Underlying ETF losses on a one -to-one basis.

Unlike other ETFs that utilize defined outcome investing strategies, the Fund does not provide a buffer against Underlying ETF losses. Certain other ETFs seek to provide shareholders with a buffer a protection against a specified percentage of Underlying ETF or index losses over a period of time. There is no guarantee that the Fund will successfully provide the Outcomes. The Fund seeks returns over an Outcome Period that generate twice the increased performance of the Underlying ETF, up to the Cap (as discussed in greater detail below), while limiting downside losses. The hypothetical graphical illustration provided below is designed to illustrate the Outcomes based upon the hypothetical performances of the Underlying ETF 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 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 Underlying ETF 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 Underlying ETF, FLEX Options or the Fund.

Fund shareholders should not take this information as an assurance of the expected performance of the Underlying ETF or return on Shares. The actual overall performance of the Fund during an Outcome Period 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/xdap , which provides updated information relating to this table on a daily basis throughout the Outcome Period. Underlying ETF Performance (100 )% (50 )% (20 )% (10 )% (5 )% 0 % 5 % 10 % 15 % 20 % 50 % 100 % Fund Performance (100 )% (50 )% (20 )% (10 )% (5 )% 0 % 10 % 17.40 %* 17.40 %* 17.40 %* 17.40 %* 17.40 %* * The Cap is set on the first day of the Outcome Period and is 17.40% prior to taking into account any fees or expenses charged to shareholders.

When the Funds annual management fee of 0.79% of the Funds average daily net assets is taken into account, the Cap is 16.61%. The Funds annual management fee of 0.79% of the Funds average daily net assets, any shareholder transaction fees and any extraordinary expenses incurred by the Fund will have the effect of reducing the Cap amount for Fund shareholders. The Outcome Period. The Outcomes sought by the Fund are based upon the Funds net asset value ( NAV ) at the outset of the Outcome Period. The Outcome Period begins on the day the FLEX Options are entered into and ends on the day they expire. Each FLEX Options value is ultimately derived from the performance of the Underlying ETFs share price during that time. Because the terms of the FLEX Options dont change, the Accelerated Return and Cap relate to the Funds NAV on the first day of the Outcome Period.

A shareholder that purchases Shares after the commencement of the Outcome Period will likely have purchased Shares at a different NAV than the NAV on the first day of the Outcome Period (the NAV upon which the Outcomes are based) and may experience investment outcomes very different from those sought by the Fund. A shareholder that sells Shares prior to the end of the Outcome Period may also experience investment outcomes very different from those sought by the Fund. To achieve the Outcomes sought by the Fund for the Outcome Pe, an investor must be holding Shares at the time that the Fund enters into the FLEX Options and on the day those FLEX Options expire. There is no guarantee that the Fund will be successful in its attempt to provide the Outcomes. The Funds assets will be principally composed of FLEX Options, the value of which is derived from the performance of the underlying reference asset, the Underlying ETFs share price.

The Funds investment sub -adviser , Milliman Financial Risk Management LLC ( Milliman or the Sub -Adviser ), generally anticipates that the Funds NAV will move in the same direction as the Underlying ETFs share price. For example, during an Outcome Period, the Funds NAV is expected to increase if the Underlying ETFs share price increases and decrease if the Underlying ETFs share price decreases. However, it is unlikely that the Funds share price will increase or decrease at the same rate as the Underlying ETFs share price and, for any given period during the Outcome Period, it is unlikely that the Funds share price will increase at the same rate as the Accelerated Return for the Outcome Period ( i.e. , an increase in value that is two times the share price change experienced by the Underlying ETF for an Outcome Period).

In addition, if the Outcome Period has begun and the Fund has experienced any Accelerated Return, an investor purchasing Shares at that price may be subject to losses that exceed any losses of the Underlying ETF for the remainder of the Outcome Period and may have diminished or no ability to experience further Accelerated Return. The Fund does not seek to provide investment outcomes on a daily or other short -term basis, but instead seeks to provide investment outcomes for the entire Outcome Period of one year. Prior to their expiration, the value of the Funds FLEX Options is not derived solely from the performance of the reference asset (the Underlying ETF), but a number of other factors as well, notably the number of days remaining until the options expire and the Accelerated Return available to the applicable Cap.

As the number of days until the FLEX Options expire decreases, the value of the FLEX Options (and thus the Funds NAV) will more directly correlate with the returns experienced by the Underlying ETF and Outcomes the Fund seeks to provide for the Outcome Period. The Funds strategy is designed to produce the Outcomes upon the expiration of the FLEX Options on the last day of the Outcome Period. It should not be expected that the Outcomes will be provided at any point prior to that time, and there is no guarantee that the Outcomes will be achieved on the last day of the Outcome Period. An investor that holds Shares through multiple Outcome Periods may fail to experience gains comparable to those of the Underlying ETF over time because at the end of each Outcome Period, a new Cap will be established based on the then -current price of the Underlying ETF and any gains experienced by the Underlying ETF above the prior Cap will be forfeited.

Moreover, the annual imposition of a new Cap on future gains may make it difficult to recoup any losses from the prior Outcome Periods such that, over multiple Outcome Periods, the Fund may have losses that exceed those of the Underlying ETF. Potential Upside Accelerated Return Subject to a Cap. If the Underlying ETFs share price increases in value over the duration of the Outcome Period, the Funds strategy has been designed such that the Fund will experience an increase in value that is twice the increase experienced by the Underlying ETF, up to the Cap.

XDAP Holdings

Top 3 holdings of Innovator U.S. Equity Accelerated ETF - April by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all XDAP holdings

XDAP Portfolio Allocation

Asset-class allocation of Innovator U.S. Equity Accelerated ETF - April by percentage of net assets, from the latest SEC N-PORT filing.

XDAP Performance

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

XDAP Risk Information

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

• 1-year volatility (annualised): 7.7%

XDAP Costs and Fees

XDAP 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: 5.09 bps of average net assets (SEC N-CEN)

XDAP Cashflows

Over the 12 months to 2025-01, Innovator U.S. Equity Accelerated ETF - April had net outflows of $998.08K, from monthly SEC N-PORT filings.

XDAP Debt Constituents

No individual debt constituents are reported in Innovator U.S. Equity Accelerated ETF - April's latest SEC N-PORT filing.

XDAP Prospectus and SEC Filings

Official Innovator U.S. Equity Accelerated ETF - April filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2024-02-27
• Prospectus supplement (497) — filed 2025-03-05
• Prospectus supplement (497) — filed 2024-04-01
• Portfolio holdings (N-PORT) — filed 2025-03-31
• Portfolio holdings (N-PORT) — filed 2024-12-27
• Portfolio holdings (N-PORT) — filed 2024-09-25
• Annual census (N-CEN) — filed 2025-01-15
• Annual census (N-CEN) — filed 2024-01-12

Related Funds

Other United States Large Cap Blend / Core Equity funds tracked on ABC INVEST:

• Vanguard Total Stock Market Index Fund (VTSMX)
• Vanguard 500 Index Fund (VFINX)
• iShares Core S&P 500 ETF (IVV)
• Fidelity 500 Index Fund (FXAIX)
• Vanguard Institutional Index Fund (VINIX)

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.