ETF Evaluator:
Innovator Deepwater Frontier Tech ETF ()
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(as of Aug 26)
Best Performing in Technology Over the Last Year
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ETF Details
Innovator Deepwater Frontier Tech ETF Overview
Innovator Deepwater Frontier Tech ETF (LOUP) is an actively managed Sector Equity Technology exchange-traded fund (ETF). Innovator ETFs launched the ETF in 2018.
The investment seeks to provide capital appreciation.
The fund normally invests at least 80% of its net assets (including borrowings for investment purposes) in the equity securities of companies the fund's manager considers to be on the frontier of the development of new technologies (“Frontier Tech Companies”).
About Innovator Deepwater Frontier Tech ETF (LOUP)
There are 5 members of the management team with an average tenure of 3.88 years: Dustin Lewellyn (2018), Ernesto Tong (2018), Christine Johanson (2024), Doug Clinton (2025) and Gene Munster (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and DJ Global TR USD index with a weighting of 100%. Innovator Deepwater Frontier Tech ETF has 30 securities in its portfolio. The top 10 holdings constitute 39.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Innovator Deepwater Frontier Tech ETF is part of the Equity global asset class and is within the Sector Equity ETF group. Innovator Deepwater Frontier Tech ETF has 30.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 69.7% There is 30.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Innovator Deepwater Frontier Tech ETF has 0.0% of the portfolio in cash.
Assets Under Management
The fund has $200 million in total assets, which is below the $3 billion average for the Technology category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
LOUP Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Innovator Deepwater Frontier Tech ETF expense ratio is above average compared to funds in the Technology category. Innovator Deepwater Frontier Tech ETF has an expense ratio of 0.70%, which is 30% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Innovator Deepwater Frontier Tech ETF has a portfolio turnover rate of 117%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 39% for the Technology category.
Recently, in the month of July 2026, Innovator Deepwater Frontier Tech ETF returned -13.5%, which earned it a grade of D, as the Technology category had an average return of -9.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Innovator Deepwater Frontier Tech ETF has a trailing yield of 0.00%, which is below the 0.45% category average.
The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Innovator Deepwater Frontier Tech ETF Grades
Year to date, the ETF has returned 11.5%, 9.9 percentage points worse than the category, which translates into a grade of D. The fund has returned 32.7% over the past year (grade of C), 27.5% over the past three years (grade of B) and 10.7% per year over the past five years (grade of C).
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LOUP Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| LOUP Return (NAV) | -13.5% | 6.2% | 32.7% | 27.5% | 10.7% | na |
| LOUP Return (Price) | -13.6% | 5.9% | 32.5% | 27.7% | 10.7% | na |
| NAV +/- Price Return | 0.166% | 0.351% | 0.282% | -0.150% | 0.006% | na |
| Technology Avg | -9.8% | 7.3% | 33.6% | 22.3% | 10.5% | 19.0% |
| LOUP Grade (NAV) | D | C | C | B | C | na |
| +/- Category (NAV) | -3.6% | -1.1% | -0.9% | 5.2% | 0.2% | na |
| LOUP Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
LOUP Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| LOUP Return (NAV) | 11.5% | 43.4% | 21.8% | 50.7% | -45.9% | 7.7% | 86.1% | 31.6% | na | na | na |
| LOUP Return (Price) | 11.4% | 43.2% | 21.8% | 51.3% | -46.0% | 7.5% | 86.2% | 31.8% | na | na | na |
| NAV +/- Price Ret | -0.008% | -0.004% | -0.002% | 0.012% | 0.003% | -0.017% | 0.002% | 0.4% | na | na | na |
| Technology Avg | 21.3% | 23.2% | 19.9% | 43.8% | -35.8% | 16.7% | 53.3% | 37.8% | -3.2% | 33.7% | 15.0% |
| LOUP Grade (NAV) | D | A | C | B | F | D | A | D | na | na | na |
| +/- Category | -9.9% | 20.2% | 1.9% | 7.0% | -10.1% | -9.0% | 32.8% | -6.2% | na | na | na |
| Risk Measures | |
| Beta: | 2.10 |
| R-Squared: | 68% |
| Standard Deviation: | 32.1% |
| Category Risk Index: | 1.21 |
| Category Risk Rating: | High |
| Total Risk Index: | 2.62 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 200 Mil |
| Share Class Assets: | $ 200 Mil |
| Turnover: | 117.0% |
| Expense Ratio: | 0.70% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 8.0 years | |||
| Average Tenure: 3.9 years | |||
| Managers (Year): Lewellyn Dustin (2018), Tong Ernesto (2018), Johanson Christine (2024), Clinton Doug (2025), Munster Gene (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 30 |
| % in Top 10 Holdings: | 39.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 30.3% |
Portfolio Allocation |
|
| Domestic Stock: | 69.7% |
| Foreign Stock: | 30.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Innovator ETFs |
| Phone Number: | 800-208-5212 |
| Website: | www.innovatorfunds.com |
| Inception Date: | July 24, 2018 |
Expenses and Fees
| Expense Ratio (%): | 0.70% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.54% |
