Innovator ETFs Trust - Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly
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- Innovator ETFs Trust – Innovator Uncapped Bitcoin 20 Floor ETF – Quarterly (Cboe BZX: QBF) is a U.S.-listed, non-diversified exchange-traded fund designed to provide risk-managed exposure to bitcoin over recurring three-month outcome periods. The Fund seeks to capture a specified participation rate in positive bitcoin price returns while limiting losses to 20%, before fees and expenses, for shareholders who purchase at the beginning of an outcome period and hold through its end. QBF provides its bitcoin exposure principally through FLEX Options referencing exchange-traded products that hold bitcoin directly and/or the Cboe Bitcoin U.S. ETF Index, while also holding U.S. Treasury bills, cash and cash equivalents, and other collateral-related investments. The Fund seeks, under normal conditions, to invest at least 80% of net assets, plus borrowings for investment purposes, in investments providing bitcoin exposure. It is intended for investors seeking a defined downside floor and uncapped upside participation rather than direct bitcoin ownership. QBF is part of Innovator ETFs Trust and is advised by Innovator Capital Management LLC, with Milliman Financial Risk Management LLC serving as sub-adviser. The Fund is headquartered through its adviser in Wheaton, Illinois, and trades on Cboe BZX. Innovator Capital Management offers defined-outcome and risk-managed ETF strategies to financial advisers, institutional investors, and individual investors in the United States. QBF charges an annual expense ratio of 0.79% and resets its exposure, floor and participation terms each calendar quarter; the participation rate is determined for each outcome period and has been reported at approximately 65% to 67% in recent product materials. The Fund was listed in February 2025, representing Innovator’s expansion into bitcoin and crypto-asset-linked ETF strategies. Since launch, Innovator has characterized QBF as an uncapped Bitcoin 20 Floor ETF, emphasizing a quarterly reset structure intended to allow investors to re-establish defined downside protection while maintaining participation in bitcoin appreciation. A significant post-launch operational change occurred in April 2025, when Innovator restated QBF’s March 31, 2025 net asset value after identifying a calculation error; the revised NAV was $21.4804 per share versus the originally reported $20.3067, a 5.78% adjustment, which Innovator described as a one-time correction. As of September 2026, the Fund continues to operate as a quarterly defined-outcome bitcoin strategy within Innovator’s broader Defined Outcome ETF lineup.