Innovator Power Buffer Step-Up Strategy ETF (PSTP)

The Innovator Power Buffer Step-Up Strategy ETF presents a classic case of a tactical tool masquerading as a core holding, which creates significant friction for investors seeking traditional alpha. While the underlying index has demonstrated a robust three-year upward trajectory with no recent annual declines, the ETF itself offers no such advantage; it is a newly listed instrument with no price history of its own, rendering any assessment of its standalone long-term performance impossible. More critically, the fund structure is designed to cap gains and protect against losses, meaning it will underperform the market in bull markets while offering only limited downside protection in downturns. This structural drag, combined with the complete absence of any dividend distribution over the last five years, makes it unsuitable for income-focused portfolios or those seeking capital appreciation beyond what the underlying index provides. The recent price action shows the fund tracking closely to its 50-day moving average, suggesting it is currently neutral relative to its benchmark, but the lack of a distinct momentum edge or yield component leaves it with no clear directional bias for the immediate future.