XUSP — Innovator Uncapped Accelerated U.S. Equity ETF

XUSP Fund Overview

XUSP — Innovator Uncapped Accelerated U.S. Equity 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: $50.96M
• 1-year return: 21.0%
• Ticker: XUSP
• SEC CIK: 0001415726
• SEC series ID: S000077042
• Share class ID: C000237181

XUSP Investment Objective and Strategy

Innovator Uncapped Accelerated U.S. Equity 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, prior to taking into account management fees and other fees, with the potential for rates of return that outperform the return of an ETF that tracks the returns, before fees and expenses, of large capitalization U.S. equity securities (the Underlying ETF ) after achieving performance thresholds.

Principal investment strategy

The Fund is an actively managed ETF that invests in option contracts designed to provide returns, at the expiration of the Funds option contracts, that are at a rate that is greater than the appreciation, if any, of the Underlying ETF following the point in which the Underlying ETF exceeds performance threshold levels established by the Fund. 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 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 the Underlying ETF.

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. The Fund is classified as a non -diversified company under the Investment Company Act of 1940, as amended (the 1940 Act ). The Fund seeks to achieve its investment objective by investing substantially all of its assets in a series of four, one -year FLexible EXchange Options ( FLEX Options ) packages with laddered expiration dates that reference the Underlying ETF (each, an Investment Package and collectively, the Investment Packages ). The Fund may also invest directly in the Underlying ETF or the components thereof.

Laddering is an investment technique that utilizes multiple options positions over multiple expiration dates. Each of the Funds Investment Packages will seek to provide the following returns for the Fund: in the event the Underlying ETFs share price increases in value at the conclusion of the term of the Investment Package, but at a level below 105% of the share price of the Underlying ETF at the time the FLEX Options were originally entered into (the Accelerated Threshold ) at the conclusion of the one -year Investment Package term, the Investment Package will not participate in any of the gains experienced by the price return of the Underlying ETF. The Fund will only experience gains with respect to an Investment Package if the Underlying ETFs price return increases above the Accelerated Threshold at the end of the term of an Investment Package.

If an Investment Package has not increased to a level above the Accelerated Threshold at the end of its one -year term, the Fund will not experience any increase in value with respect to such Investment Package, even if the share price of the Underlying ETF surpassed Accelerated Threshold at a point during such term before returning to a level below the Accelerated Threshold ; in the event the Underlying ETFs share price increases in value at the conclusion of the term of the Investment Package to a level above the Accelerated Threshold, the Investment Package seeks to provide investment returns that commence at the Accelerated Threshold and increase at a rate that is greater than the price return increases of the Underlying ETF (hereinafter, the Accelerated Return Rate ). The Fund does not seek to provide a stated Accelerated Return Rate multiple (for example, two -times the price return of the Underlying ETF).

While the Accelerated Threshold level (105%) is expected to remain constant for each Investment Package, the Accelerated Return Rate produced by a single Investment Package is calculated at the commencement of each one -year term for such Investment Package and will vary for each Investment Package and depend upon market conditions (including, but not limited to, volatility of the Underlying ETF), at the time of the execution of the Investment Package. The Accelerated Return Rate is provided prior to taking into account management fees and other fees; or in the event the Underlying ETFs share price decreases in value at the conclusion of the term of the Investment Package, such Investment Package seeks to provide investment returns that participate in Underlying ETF losses on a one -to-one basis; The below hypothetical illustration is provided to illustrate the potential return profiles that a single Investment Package is designed to produce at the conclusion of the one-year period for such Investment Package.

The hypothetical return profiles of an Investment Package represented below are not guaranteed. Please note that, to the extent an investor purchases Shares after an Investment Package has been entered into or sells before the end of an Investment Package, such investors returns relating to the Investment Package are likely to deviate from the below illustration. In addition, because an Investment Package will not participate in Underlying ETF gains until the point at which Underlying ETF meets the Acceleration Threshold, the one-year returns of an Investment Package may be less than the cumulative price returns experienced by the Underlying ETF even if the Underlying ETF has appreciated beyond the Accelerated Threshold. The hypothetical illustration below shows return profiles prior to taking into account management fees and other fees, the effect of which would lower the return profiles experienced by an investor.

The Fund will implement a laddered approach of investing designed to help offset the timing risks inherent in the purchase of FLEX Options that reference the Underlying ETF with a single reset date, as detailed above ( see Investment Package Laddering ). The Fund intends to utilize laddered Investment Package to create more opportunities for the Fund to hold an Investment Package that is experiencing an Accelerated Return Rate and to avoid the risk of reinvesting a large portion of assets in an unfavorable market environment. This laddered approach of investing in a one -year Investment Package every three months will result in Fund investment performance that is very different than a fund investing in a single Investment Package. The Funds NAV is dependent on the value of its portfolio, which consists of FLEX Options, and may also include shares of the Underlying ETF (or the components thereof).

Although the value of the Underlying ETFs share price is a significant component of the value of the Funds FLEX Options, the value of the Funds FLEX Options (and therefore, the Funds NAV) will not increase or decrease at the same rate as the Underlying ETFs share price on a daily basis. The time remaining until those FLEX Options expire also affects their value. The degree of non -correlation between the value of the FLEX Options and the value of the Underlying ETF may be higher than if the FLEX Options utilized by the Fund had a shorter term. Further, the laddering of Investment Packages means that any one Investment Package does not constitute the entirety of the Funds return, which may increase the amount of non -correlation between the value of the Fund and the Underlying ETF. The Sub -Adviser generally anticipates that the Funds NAV will increase on days when the Underlying ETFs share price increases and will decrease on days when the Underlying ETFs share price decreases, but that the rate of such increase or decrease will be less than that experienced by the Underlying ETF.

The time at which an investor buys and sells their Shares will impact the return such investor will experience. If an investor purchases Shares after the FLEX Options for an Investment Package were entered into or does not stay invested in the Fund for the entire duration of an Investment Package, an investor may not participate in the Funds Accelerated Return Rate relating to such Investment Package, if any. The Fund does not seek to provide investment outcomes on a daily or other short -term basis, which is an attribute of other types of exchange -traded funds that provide a daily, multiple exposure to a reference index ( i.e. , a daily leveraged ETF). In contrast, the Fund only seeks to provide investment returns that will increase at a greater rate of change than the Underlying ETF, after an initial level of no participation.

There is no guarantee the Fund will be successful in implementing its investment strategy. Uncapped Accelerated Return Rate Opportunity The Fund seeks investment returns that have the potential for a higher rate of return than the Underlying ETF price performance return rate during periods in which the Underlying ETF achieves sustained positive performance. Each Investment Package is designed to provide, at the expiration of the one -year term of the Investment Package, an Accelerated Return Rate that is based upon the performance of the Underlying ETFs share price after the point at which the Underlying ETF exceeds the Accelerated Threshold. To the extent the Fund invests directly in the Underlying ETF (or the components thereof), it will also receive any dividend payments to the extent of such investment.

The Accelerated Return Rate sought by the Fund is contingent on the Underlying ETF achieving a performance threshold level at the conclusion of the term of an Investment Package. There is no guarantee that the Fund will achieve this sought -after Accelerated Return Rate for the Investment Packages. The Underlying ETF provides exposure to the S&P 500 Index. The S&P 500 Index includes approximately five hundred (500) selected companies, all of which are listed on national stock exchanges and spans over 24 separate industry groups. The S&P 500 Index is a float -adjusted market capitalization weighted index, wherein constituents are added and removed on an as -needed basis. The index is rebalanced quarterly in March, June, September and December. The Underlying ETF may use a representative sampling strategy (meaning it does not purchase all of the components of the index and may rather purchase a subset of such securities to seek to replicate the performance of the index) or a full replication strategy (meaning it does purchase all of the components of the index in approximately the same proportion as its weighting in the index to seek to replicate the performance of the index).

To the extent the Fund invests in the Underlying ETF directly, the Adviser expects to waive a portion of its management fee in an amount that equals to any acquired fund fees and expenses the Fund incurs as a result of its investment in the Underlying ETF. Because of the construction of each Investment Package, an Investment Package will not participate in the initial 5% of the gains of the share price of the Underlying ETF (measured from when the FLEX Options were entered into) and will achieve gains only to the extent the Underlying ETF price return surpasses the Accelerated Threshold, measured at the conclusion of the term for such Investment Package. If an Investment Package has not increased to a level above the Accelerated Threshold at the end of its one -year term, the Fund will not experience any increase in value with respect to such Investment Package, even if the share price of the Underlying ETF surpassed Accelerated Threshold at a point during such term.

The Fund will only experience gains with respect to an Investment Package if the Underlying ETF price return increases above the Accelerated Threshold at the end of the term of an Investment Package. That notwithstanding, if the Fund invests directly in the Underlying ETF (or the components thereof), it will receive dividend payments to the extent of such investment. If an Investment Package has experienced any Accelerated Return Rate, the Investment Package may be subject to the possibility of losses that exceed any losses of the Underlying ETF for the remainder of the one -year term of the Investment Package.

XUSP Holdings

Top 1 holdings of Innovator Uncapped Accelerated U.S. Equity ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all XUSP holdings

XUSP Portfolio Allocation

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

XUSP Performance

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

XUSP Risk Information

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

• 1-year volatility (annualised): 17.8%

XUSP Costs and Fees

XUSP 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: 4.19 bps of average net assets (SEC N-CEN)

XUSP Cashflows

Over the 12 months to 2026-07, Innovator Uncapped Accelerated U.S. Equity ETF had net outflows of $672.20K, from monthly SEC N-PORT filings.

XUSP Debt Constituents

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

XUSP Prospectus and SEC Filings

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

• Prospectus (485BPOS) — filed 2026-02-27
• Prospectus (485BPOS) — filed 2024-02-27
• Prospectus supplement (497) — filed 2025-03-05
• 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:

• International Small Company Portfolio (DFISX)
• iShares Preferred and Income Securities ETF (PFF)
• Guggenheim Macro Opportunities Fund (GIOAX)
• Emerging Markets Portfolio (DFEMX)
• Eaton Vance Global Macro Absolute Return Advantage Fund (EGRAX)

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.