Innovator Deepwater Frontier Tech ETF
ETF
LOUP
Price as of:
$96.06
- $2.80
- 2.83%
Primary Theme
fund company
Name
As of 07/02/2026Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
29.4%
1 yr return
61.8%
3 Yr Avg Return
35.7%
5 Yr Avg Return
12.6%
Net Assets
$219 M
Holdings in Top 10
48.8%
52 WEEK LOW AND HIGH
$98.9
$61.34
$99.83
Expenses
OPERATING FEES
Expense Ratio 0.70%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 07/02/2026Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
LOUP - Profile
Distributions
- YTD Total Return 29.4%
- 3 Yr Annualized Total Return 35.7%
- 5 Yr Annualized Total Return 12.6%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio -0.27%
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameInnovator Deepwater Frontier Tech ETF
-
Fund Family NameInnovator ETFs Trust
-
Inception DateJul 24, 2018
-
Shares Outstanding1300001
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerDustin Lewellyn
Fund Description
p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"The Fund is an actively managed ETF that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets (including borrowings for investment purposes) in the equity securities of companies it considers to be on the frontier of the development of new technologies (“span class="Italic" style="font-style:italic;font-weight:normal;"Frontier Tech Companies/span”). Deepwater Asset Management, LLC (span class="Italic" style="font-style:italic;font-weight:normal;"“Deepwater”/span) and Penserra Capital Management LLC (span class="Italic" style="font-style:italic;font-weight:normal;"“Penserra”/span and, collectively with Deepwater, the span class="Italic" style="font-style:italic;font-weight:normal;"“Sub/spanspan class="nobreak"span class="Italic" style="font-style:italic;font-weight:normal;"-Advisers/span/spanspan class="Italic" style="font-style:italic;font-weight:normal;"”/span) each serve as an investment subspan class="nobreak"-adviser/span to the Fund. Deepwater selects the securities for inclusion in the Fund and Penserra is responsible for implementing the Fund’s investment program by, among other things, trading portfolio securities and performing related services, rebalancing the Fund’s portfolio and providing cash management services. Innovator Capital Management, LLC (span class="Italic" style="font-style:italic;font-weight:normal;"“Innovator”/span or the span class="Italic" style="font-style:italic;font-weight:normal;"“Adviser”/span), serves as the Fund’s investment adviser./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"In pursuing the Fund’s investment objective, Deepwater references for investment Frontier Tech Companies included in the Deepwater Frontier Tech Index (the span class="Italic" style="font-style:italic;font-weight:normal;"“Reference Index”/span), a rulesspan class="nobreak"-based/span stock index owned, developed and maintained by Deepwater. The Reference Index identifies Frontier Tech Companies with the following themes:/p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:3;margin-top:12pt;"span class="bullet" style="font-family:Symbol, sans-serif;font-size:12pt;font-style:normal;font-weight:normal;"•/spanspan style="width: 18px;display: inline-block;" /spanspan class="Italic" style="font-style:italic;font-weight:normal;"Artificial Intelligence. /spanCompanies that provide or are developing software services that seek to automate industrial, knowledge work, and consumer processes. These services may directly automate specific processes or provide semispan class="nobreak"-automated/span tools as an intermediate step to full automation./p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:3;margin-top:12pt;"span class="bullet" style="font-family:Symbol, sans-serif;font-size:12pt;font-style:normal;font-weight:normal;"•/spanspan style="width: 18px;display: inline-block;" /spanspan class="Italic" style="font-style:italic;font-weight:normal;"Autonomous and Electric Vehicles. /spanCompanies that provide or are developing hardware and/or software used in the development of selfspan class="nobreak"-driving/span or unmanned aerial vehicles, or other autonomous vehicles that operate on land, air or sea. The category also includes electrification, energy storage, and other companies relevant to the evolution of energy./p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:3;margin-top:12pt;"span class="bullet" style="font-family:Symbol, sans-serif;font-size:12pt;font-style:normal;font-weight:normal;"•/spanspan style="width: 18px;display: inline-block;" /spanspan class="Italic" style="font-style:italic;font-weight:normal;"Fintech. /spanCompanies involved in creating transformative experiences involving the use of money. This theme may include companies that enable complex commerce transactions, innovative retail experiences, new credit products, and alternative currencies./p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:3;margin-top:12pt;"span class="bullet" style="font-family:Symbol, sans-serif;font-size:12pt;font-style:normal;font-weight:normal;"•/spanspan style="width: 18px;display: inline-block;" /spanspan class="Italic" style="font-style:italic;font-weight:normal;"Robotics. /spanCompanies that create or are developing robotics and related products and services for industrial, collaborative, agricultural, medical and/or consumerspan class="nobreak"-related/span automation. This includes companies that provide hardware and software related to enabling perception (vision and sound), which could include sensors, laser arrays, semiconductors, among others./p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:-18pt;widows:3;margin-top:12pt;"span class="bullet" style="font-family:Symbol, sans-serif;font-size:12pt;font-style:normal;font-weight:normal;"•/spanspan style="width: 18px;display: inline-block;" /spanspan class="Italic" style="font-style:italic;font-weight:normal;"Virtual/Augmented Reality. /spanCompanies that provide or are developing hardware and/or software for delivering immersive virtual reality experiences or for delivering experiences that enhance the physical world with a digital overlay, including gaming companies./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"A company is eligible for inclusion in the Reference Index if it derives 50% of its revenue from one of the identified themes detailed above or if it meets two of the following three criteria: (i) the company currently derives at least 25% of revenue from some combination of the identified /pp class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"themes; (ii) the company’s revenue related to one or more identified themes grew by more than 25% yearspan class="nobreak"-over-year/span in the most recent calendar year; or (iii) the company’s operating expenditures related to one or more identified themes grew by more than 25% yearspan class="nobreak"-over-year/span in the most recent calendar year. For additional information on the Reference Index, see “Additional Information About the Fund’s Principal Investment Strategies–The Reference Index”./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"Deepwater will assess the universe of eligible constituents from the Reference Index for near and longspan class="nobreak"-term/span prospects relative to its frontier technology development. Portfolio weightings are actively monitored and adjusted in accordance with the portfolio manager’s review of these technology developments, revenue growth potential and expectations to have an outsized influence on the future of technology. The Fund’s portfolio managers may include a security that is not currently a Reference Index constituent if, in the view of the Fund’s portfolio managers, such company has potential of longspan class="nobreak"-term/span frontier technology revenue growth. The Fund’s portfolio managers expect that the Fund will invest in approximately 30 securities./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"The Fund will invest in equity securities, which will include direct investments in U.S. and nonspan class="nobreak"-U/span.S. listed common stocks and depositary receipts, of certain of the components that comprise the Reference Index. The Fund may invest in small, mid or large capitalization issuers operating in developing or emerging markets. The Fund may also purchase equity securities of nonspan class="nobreak"-U/span.S. companies that utilize American Depositary Receipts (span class="Italic" style="font-style:italic;font-weight:normal;"“ADRs”/span) or Global Depositary Receipts (span class="Italic" style="font-style:italic;font-weight:normal;"“GDRs”/span). Additionally, the Fund may invest in certain Chinese companies through a structure known as a variable interest entity (span class="Italic" style="font-style:italic;font-weight:normal;"“VIE”/span), which is designed to provide foreign investors, such as the Fund, with exposure to Chinese companies in sectors in which foreign investment is otherwise not permitted. Under this structure, a Chinese operating company is the VIE and establishes a shell company in a foreign jurisdiction, such as the Cayman Islands, which is then listed on a foreign exchange. The shell company has exposure to the VIE through contractual arrangements rather than any direct equity ownership. For a discussion of risks associated with VIEs, see “Principal Risks” below./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Times New Roman PS Std, serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:12pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:3;margin-top:12pt;"The Fund is classified as a “diversified company” under the Investment Company Act of 1940, as amended (the span class="Italic" style="font-style:italic;font-weight:normal;"“1940 Act”/span). To the extent the Reference Index concentrates (span class="Italic" style="font-style:italic;font-weight:normal;"i.e./span, 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. As of the date of this prospectus, the Fund had significant exposure to the information technology sector./p
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LOUP - Performance
Return Ranking - Trailing
| Period | LOUP Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 29.4% | -18.0% | 121.2% | 51.01% |
| 1 Yr | 61.8% | -25.7% | 185.3% | 25.25% |
| 3 Yr | 35.7%* | 1.5% | 61.7% | 31.31% |
| 5 Yr | 12.6%* | -18.1% | 42.3% | 64.47% |
| 10 Yr | N/A* | 6.5% | 37.6% | 87.50% |
* Annualized
Return Ranking - Calendar
| Period | LOUP Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2025 | 43.2% | -24.3% | 48.7% | 2.02% |
| 2024 | 21.8% | -19.9% | 59.2% | 39.39% |
| 2023 | 51.3% | -5.6% | 96.9% | 37.56% |
| 2022 | -46.0% | -73.9% | -16.4% | 81.73% |
| 2021 | 7.5% | -44.6% | 51.5% | 44.39% |
Total Return Ranking - Trailing
| Period | LOUP Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 29.4% | -18.0% | 121.2% | 51.01% |
| 1 Yr | 61.8% | -25.7% | 185.3% | 25.25% |
| 3 Yr | 35.7%* | 1.5% | 61.7% | 31.31% |
| 5 Yr | 12.6%* | -18.1% | 42.3% | 64.47% |
| 10 Yr | N/A* | 6.5% | 37.6% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | LOUP Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2025 | 43.2% | -6.7% | 49.2% | 4.55% |
| 2024 | 21.8% | -19.9% | 59.2% | 70.71% |
| 2023 | 51.3% | -2.3% | 96.9% | 46.19% |
| 2022 | -46.0% | -67.5% | -5.9% | 90.36% |
| 2021 | 7.5% | -17.8% | 59.2% | 79.59% |
LOUP - Holdings
Concentration Analysis
| LOUP | Category Low | Category High | LOUP % Rank | |
|---|---|---|---|---|
| Net Assets | 219 M | 9.3 M | 170 B | 77.39% |
| Number of Holdings | 32 | 10 | 324 | 90.95% |
| Net Assets in Top 10 | 86.1 M | 1.71 M | 73.9 B | 73.87% |
| Weighting of Top 10 | 48.76% | 15.1% | 100.0% | 68.84% |
Top 10 Holdings
- Mount Vernon Liquid Assets Portfolio, LLC 8.26%
- Credo Technology Group Holding Ltd 7.15%
- Sterling Infrastructure Inc 5.52%
- BE Semiconductor Industries NV 5.44%
- Reddit Inc 4.60%
- NU Holdings Ltd/Cayman Islands 4.52%
- Marvell Technology Inc 3.92%
- Vertiv Holdings Co 3.18%
- AppLovin Corp 3.10%
- Rambus Inc 3.08%
Asset Allocation
| Weighting | Return Low | Return High | LOUP % Rank | |
|---|---|---|---|---|
| Stocks | 99.83% | 0.08% | 100.34% | 24.62% |
| Cash | 8.44% | 0.00% | 26.29% | 6.03% |
| Preferred Stocks | 0.00% | 0.00% | 12.72% | 96.48% |
| Other | 0.00% | -0.91% | 26.87% | 86.93% |
| Convertible Bonds | 0.00% | 0.00% | 0.40% | 96.48% |
| Bonds | 0.00% | 0.00% | 81.92% | 96.48% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | LOUP % Rank | |
|---|---|---|---|---|
| Technology | 57.73% | 2.80% | 100.00% | 82.41% |
| Industrials | 17.85% | 0.00% | 38.68% | 3.52% |
| Communication Services | 9.30% | 0.00% | 97.05% | 53.77% |
| Consumer Cyclical | 9.19% | 0.00% | 32.97% | 27.64% |
| Financial Services | 5.93% | 0.00% | 37.33% | 34.17% |
| Utilities | 0.00% | 0.00% | 5.17% | 96.48% |
| Real Estate | 0.00% | 0.00% | 15.05% | 96.98% |
| Healthcare | 0.00% | 0.00% | 25.57% | 97.99% |
| Energy | 0.00% | 0.00% | 1.20% | 96.48% |
| Consumer Defense | 0.00% | 0.00% | 5.64% | 96.48% |
| Basic Materials | 0.00% | 0.00% | 2.38% | 96.98% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | LOUP % Rank | |
|---|---|---|---|---|
| US | 85.66% | 0.08% | 100.34% | 76.88% |
| Non US | 14.17% | 0.00% | 67.30% | 21.11% |
LOUP - Expenses
Operational Fees
| LOUP Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.70% | 0.08% | 3.42% | 68.69% |
| Management Fee | 0.70% | 0.03% | 1.95% | 49.25% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 33.00% |
| Administrative Fee | N/A | 0.00% | 0.50% | N/A |
Sales Fees
| LOUP Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 3.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
| LOUP Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| LOUP Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 0.69% | 281.00% | 86.97% |
LOUP - Distributions
Dividend Yield Analysis
| LOUP | Category Low | Category High | LOUP % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 7.82% | 100.00% |
Dividend Distribution Analysis
| LOUP | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annually | Quarterly | Annual |
Net Income Ratio Analysis
| LOUP | Category Low | Category High | LOUP % Rank | |
|---|---|---|---|---|
| Net Income Ratio | -0.27% | -2.30% | 2.08% | 38.89% |
Capital Gain Distribution Analysis
| LOUP | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
LOUP - Fund Manager Analysis
Managers
Dustin Lewellyn
Start Date
Tenure
Tenure Rank
Jul 24, 2018
3.85
3.9%
Dustin Lewellyn, CFA. Mr. Lewellyn has extensive background in institutional investment process with a specific focus on exchange-traded funds (“ETFs”). Mr. Lewellyn was a portfolio manager at BGI (now part of Blackrock), and he managed a number of international equity funds. Dustin also was head of ETF product management and product development at Northern Trust where he oversaw the build out and management of all areas of a new ETF business, including primary responsibility for the portfolio management process surrounding the ETFs. Mr. Lewellyn also built and ran a new ETF business for Charles Schwab, including having primary responsibility for the technology and investment process to support portfolio management for the ETFs. Mr. Lewellyn started a consulting business with a focus on ETFs and helped numerous new ETF sponsors, as well as service providers, understand the resource requirements to participate in the industry utilizing current best practices. Mr. Lewellyn holds a B.A. from University of Iowa and is a CFA Charterholder. He also holds security licenses 7, 63, 66 and 24.
Ernesto Tong
Start Date
Tenure
Tenure Rank
Jul 24, 2018
3.85
3.9%
Mr. Tong has been a managing director with Penserra since 2015. Prior to joining Penserra, Mr. Tong spent seven years as a vice president at Blackrock, where he was a portfolio manager for a number of the iShares ETFs, and prior to that, he spent two years in the firm’s index research group.
Anand Desai
Start Date
Tenure
Tenure Rank
Jul 24, 2018
3.85
3.9%
Anand Desai. Mr. Desai has been an Associate with Penserra since 2015. Prior to joining the Penserra Capital Management, LLC, Mr. Desai was a portfolio fund accountant at State Street for five years.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.04 | 32.43 | 8.23 | 1.41 |