Innovator Buffer Step-Up Strategy ETF
BSTP
New York Stock Exchange Arca- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 109 N. Hale Street Wheaton IL United States of America 60187
- IPO Date
- Mar 9, 2022
- Website
- innovatoretfs.com
- Similar Companies
- Business
- Innovator Buffer Step-Up Strategy ETF (BSTP) is an actively managed exchange-traded fund that seeks to provide risk-managed exposure to the SPDR S&P 500 ETF Trust (SPY) through a monthly-evaluated step-up options strategy using FLEX Options; the fund constructs portfolios of purchased and sold call and put options on SPY, typically offering an approximate 9% buffer against SPY losses over one-year terms, with potential to reset the buffer and upside cap opportunistically each month when step-up thresholds are met in positive or negative markets; it aims to capture upside participation to a cap in rising markets while refreshing buffers in declining ones, all within a single-ticker solution that can be held indefinitely. BSTP operates in the managed outcome ETF segment of the U.S. equities industry, targeting financial advisors, institutional investors, and individual investors seeking buffered large-cap equity exposure without the need for frequent manual rotations among static buffer ETFs; it provides potential outperformance relative to a single 9% buffer ETF by avoiding near-cap or depleted-buffer periods, with features including tax efficiency, liquidity, transparency, and no credit risk via Options Clearing Corporation-guaranteed FLEX Options. Launched on March 8, 2022, and listed on NYSE Arca, BSTP is issued by Innovator ETFs Trust and managed by Innovator Capital Management, LLC, an SEC-registered investment adviser founded in 2014 (with ETF operations from 2017) and headquartered in Wheaton, Illinois; the firm, which oversees approximately $22.3-$28 billion in assets across 159 defined outcome ETFs as of late 2025, pioneered buffer and managed outcome strategies. In a major strategic development, Goldman Sachs announced on December 1, 2025, an agreement to acquire Innovator Capital Management for approximately $2 billion in cash and equity, subject to regulatory approval and performance targets, with closure expected in Q2 2026; this transaction will integrate Innovator's ETF capabilities into Goldman Sachs Asset Management, expanding its active ETF lineup to over 215 strategies and more than $75 billion in assets, enhancing offerings in buffered growth, income, and outcome-based products. No specific product launches, partnerships, or operational changes unique to BSTP were reported in 2024-2025, though Innovator launched new autocallable income ETFs (ACII and ACEI) with monthly distributions in December 2025. As of June 30, 2025, BSTP had net assets of $55.14 million and an expense ratio of 0.89%.