Innovator Equity Premium Income – Daily PutWrite ETF
SPUT
New York Stock Exchange Arca- -
USD
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Capital Structure
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Income
- Address
- 109 N. Hale Street Wheaton IL United States of America 60187
- IPO Date
- Jan 21, 2025
- Website
- innovatoretfs.com
- Similar Companies
- Business
- Innovator Equity Premium Income - Daily PutWrite ETF (SPUT) is an actively managed exchange-traded fund that seeks current income through a daily put-write options strategy while providing potential capital appreciation via exposure to U.S. large-cap equities. The fund invests approximately 50% of its assets in a representative sample of equity securities from the Solactive GBS United States 500 Index, a broad large-capitalization benchmark; 25% in equity-linked notes (ELNs) offering leveraged (3.75x) exposure to a put-write index that sells single-day expiration, approximately 5-delta out-of-the-money put options on the S&P 500 Price Return Index (SPX) to generate premiums covering 100% of the fund's net assets; and 25% in U.S. Treasury bills with maturities of less than one year or money market funds for collateral and additional income. Monthly distributions derive primarily from options premiums, supplemented by equity dividends and Treasury yields; the strategy contrasts with covered calls by offering higher premiums, no upside cap on equity gains, and adaptive strike prices to mitigate downside risk. Launched on March 13, 2025, and listed on NYSE Arca, SPUT operates within the defined-outcome ETF segment targeting income-oriented investors seeking reduced volatility relative to the S&P 500. The fund, part of Innovator ETFs Trust managed by Innovator Capital Management, LLC (adviser) and Milliman Financial Risk Management LLC (sub-adviser), had net assets of $8.09 million as of September 30, 2025, with an expense ratio of 0.79%. In a major strategic development, Goldman Sachs agreed in late November 2025 to acquire Innovator Capital Management for approximately $2 billion in cash and equity, subject to performance targets and regulatory approval expected in Q2 2026; this transaction integrates SPUT and Innovator's $28 billion in assets across 159 defined-outcome ETFs as a wholly owned subsidiary, enhancing Goldman Sachs Asset Management's active ETF offerings to over 215 strategies and $75 billion in supervision. The deal preserves existing management agreements, with key Innovator executives joining Goldman Sachs. SPUT remains domiciled in the United States with no disclosed subsidiaries or parent prior to the pending acquisition.