ETF Evaluator: Innovator Growth-100 Acltd Ps ETF™ April () Follow This ETF

Innovator Growth-100 Acltd Ps ETF™ April Overview

Innovator Growth-100 Acltd Ps ETF™ April (QTAP) is an actively managed Nontraditional Equity Defined Outcome exchange-traded fund (ETF). Innovator ETFs launched the ETF in 2021.

The investment seeks to provide investors with returns that are three times those of the Invesco QQQ TrustSM, Series 1. The fund will invest at least 80% of its net assets in a portfolio of FLexible EXchange® Options ("FLEX Options") that reference the Invesco QQQ TrustSM, Series 1 (the "Underlying ETF"). 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. It is non-diversified.

About Innovator Growth-100 Acltd Ps ETF™ April (QTAP)

There are 4 members of the management team with an average tenure of 2.12 years: Jeff Greco (2025), Maria Schiopu (2025), Robert Cummings (2021) and Rebekah Lipp (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.

The ETF has 2 primary benchmarks: NASDAQ 100 TR USD index with a weighting of 100% and NASDAQ 100 PR USD index with a weighting of 100%. Innovator Growth-100 Acltd Ps ETF™ April has 3 securities in its portfolio. The top 10 holdings constitute 201.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.

Innovator Growth-100 Acltd Ps ETF™ April is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Innovator Growth-100 Acltd Ps ETF™ April has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 100.0% There is 0.0% 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 Growth-100 Acltd Ps ETF™ April has 0.0% of the portfolio in cash.

Assets Under Management

The fund has $20 million in total assets, which is below the $183 million average for the Defined Outcome 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.

QTAP 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 Growth-100 Acltd Ps ETF™ April expense ratio is above average compared to funds in the Defined Outcome category. Innovator Growth-100 Acltd Ps ETF™ April has an expense ratio of 0.79%, which is 10% higher than its category average, making the fund expense ratio grade a B. 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 Growth-100 Acltd Ps ETF™ April has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 3% for the Defined Outcome category.

Recently, in the month of July 2026, Innovator Growth-100 Acltd Ps ETF™ April returned -0.6%, which earned it a grade of F, as the Defined Outcome category had an average return of 0.2%. 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 Growth-100 Acltd Ps ETF™ April has a trailing yield of 0.00%, which is below the 0.48% 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 Growth-100 Acltd Ps ETF™ April Grades

Year to date, the ETF has returned 13.6%, 7.8 percentage points better than the category, which translates into a grade of A. The fund has returned 19.5% over the past year (grade of A), 18.8% over the past three years (grade of A) and 12.4% per year over the past five years (grade of A).

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