Innovator Power Buffer Step-Up Strategy ETF
PSTP
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 8, 2022
- Website
- innovatoretfs.com
- Similar Companies
- Business
- Innovator Power Buffer Step-Up Strategy ETF (PSTP) is an actively managed exchange-traded fund that seeks to provide risk-managed exposure to the SPDR S&P 500 ETF Trust (SPY) through the use of customized FLEX options contracts; it aims for upside participation in rising markets to a defined cap while offering a buffer against approximately 15% of SPY losses in down markets; the fund opportunistically resets its portfolio prior to the one-year expiration of options and rebalances monthly to track SPY performance with downside protection. PSTP forms part of Innovator Capital Management LLC's suite of Defined Outcome ETFs, which includes buffer strategies, step-up strategies, defined income ETFs, and defined protection ETFs; these products target financial advisors, institutional investors, and individual investors seeking predictable outcomes in equity exposure. The ETF invests primarily in options on SPY, with top holdings typically comprising FLEX call and put options representing over 95% of the portfolio. Launched on March 7, 2022, PSTP operates within the defined outcome ETF segment of the U.S. equity market, domiciled in the United States and listed on NYSE Arca. Innovator Capital Management LLC, the fund's investment adviser founded in 2017 and headquartered in Wheaton, Illinois, pioneered the Defined Outcome ETF category in 2018 and manages approximately $28 billion in assets across 159 such ETFs as of September 30, 2025. The firm serves a global client base through its U.S.-based operations, with no disclosed subsidiaries or parent company prior to recent developments. In a major strategic development announced on December 1, 2025, Goldman Sachs Group Inc. entered into a definitive agreement to acquire Innovator Capital Management for approximately $2 billion in a cash-and-stock transaction, expected to close in the second quarter of 2026; this deal will integrate Innovator's ETF platform, including PSTP, into Goldman Sachs Asset Management, expanding its active ETF offerings in the rapidly growing defined outcome segment. The acquisition follows increased institutional interest in PSTP, evidenced by position increases from investors such as Cetera Investment Advisers (up 10.7% in Q2 2025), AE Wealth Management, and KFG Wealth Management during 2025. No other significant partnerships, funding rounds, product launches, or operational changes specific to PSTP have been reported in the last two years.