The ETF manages assets at the frontier of innovation, and has accomplished a 52% return year-to-date1.
WHEATON, Ill., Dec. 04, 2025 (GLOBE NEWSWIRE) -- Innovator Capital Management, LLC (Innovator) announces the successful conversion of the Innovator Deepwater Frontier Tech ETF (LOUP) to an actively managed ETF, in order to build on the product’s track record exceeding seven years.
LOUP, which previously tracked the Deepwater Frontier Tech Index, will now aim to benefit from active management, allowing nimble maneuvering within the technology sector in areas including artificial intelligence (AI), computer perception, robotics, autonomous vehicles, virtual/mixed/augmented reality, and other similarly disruptive innovations.
Since launching on July 25, 2018, LOUP has surpassed $153 million in net assets and has doubled both the S&P 500’s and NASDAQ-100’s year-to-date returns2, without exposure to the so-called “Magnificent 7”. The strategy will continue to be led by Gene Munster, Co-Founder and Managing Partner at Deepwater Asset Management, best known for its frontier tech investments.
1 and 2 Performance quoted represents past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit innovatoretfs.com/LOUP for current month-end and standardized performance.
“AI and other emerging technologies are transforming the global economy at an unprecedented rate, and LOUP’s active management allows us to capitalize on rapid shifts in the market,” said Munster. “We’re strong believers that AI is still in the early stages of driving one of the world’s great technological revolutions, but we are keenly aware of the broader concerns around valuations of some of the companies in this space. With LOUP as a newly active fund, we can maintain our high conviction exposure to AI-related companies and tactically adjust exposure if we feel it’s necessary.”
Technological innovations are ever-evolving, and an actively managed LOUP has the flexibility to move into whichever themes are deemed most representative of the frontier. Today, about 60% of the ETF is invested in AI and related infrastructure, roughly split between the hardware and software sectors3. The ETF’s current top holdings include Siemens Energy, Nu Holdings, Roblox, Astera Labs, and AeroVironment, to name a few4.
“Gene, given his experience across venture capital and public equities, has a unique perspective on the most dynamic emerging technologies of the day, which has helped propel him to become one of the most prominent figures investing in technological advancements and the companies driving them,” said Graham Day, Chief Investment Officer at Innovator ETFs. “Innovator is honored to be partnered with Gene and to help bring his insights and investments to a broader universe of investors, particularly as the fund evolves to its new active structure.”
About Deepwater Asset Management, LLC
Headquartered in Minneapolis, Minnesota, Deepwater Asset Management is a frontier tech investment platform across venture capital and public equities. Co-founded by Gene Munster, Doug Clinton and Andrew Murphy in 2017, the firm now manages over $500 million in assets. Visit deepwatermgmt.com for more information.
About Innovator Capital Management, LLC
Founded by Bruce Bond and John Southard—pioneers behind the PowerShares ETF family—Innovator created the world’s first Buffer ETFs™ in 2018 and has since built the largest suite of Defined Outcome ETFs™, spanning six asset classes. Innovator now manages more than $29 billion in AUM as of October 31, 2025, and continues to transform how advisors approach risk-managed equity exposure.
Media Contact
Frank Taylor / Stephanie Dressler
frank@dlpr.com / stephanie@dlpr.com
(646) 808-3647 / (949) 269-2535
1 and 2 Source: Bloomberg, Innovator. Data from 1/1/2025 – 11/30/2025. The Fund incepted on 7/24/2018. The Fund’s expense ratio is 0.70%. Returns for periods of less than a year are cumulative. One cannot invest directly into an index. Index performance does not account for fees and expenses.
3 and 4 Portfolio weights and holdings have been stated as of 11/30/2025 and are subject to change. For the Fund’s current holdings, visit innovatoretfs.com/LOUP.
The NASDAQ-100 Index (“NASDAQ-100”) is comprised of the 100 largest, most actively traded U.S. companies listed on the Nasdaq stock exchange.
The Fund seeks to provide capital appreciation. The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in the equity securities of companies it considers to be on the frontier of the development of new technologies. In pursuing the sub-adviser references the Deepwater Frontier Tech Index. The Deepwater Frontier Tech Index is a rules-based stock index owned, developed, and maintained by Deepwater Asset Management, LLC that seeks to identify and track those companies identified as being on the frontier of the development of new technologies that have the potential to have an outsized influence on the future.
The Fund’s return may not match the return of the Index. Along with general market risks, an ETF that concentrates its investments in the securities of a particular industry, market, sector, or geographic area may be more volatile than a fund that invests in a broader range of industries. Additionally, the Fund may invest in securities that have additional risks. Foreign companies can be more volatile, less liquid, and subject to the risk of currency fluctuations. This risk is greater for emerging markets. Small- and mid-cap companies can have limited liquidity and greater volatility than large-cap companies. Also, ETFs face numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruption in the creation/ redemption process of the Fund. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. ETFs are bought and sold at market price and not individually redeemed from the fund. Brokerage commissions will reduce returns.
Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. The Sub-Adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that the Fund will meet its investment objective.
Certain views indicated above are those of Deepwater Asset Management, LLC (Deepwater). Innovator and Deepwater are separate entities. Deepwater a sub-adviser to the Fund. The marks “Deepwater”, “Loup”, and “Deepwater Frontier Tech Index” have been licensed to the Adviser by Deepwater for use in connection with the Fund under certain circumstances. The Adviser, in turn, has sub-licensed to the Fund its rights to use the mark pursuant to an Agreement.
The Fund’s investment objectives, risks, charges and expenses should be considered carefully before investing. The prospectus and summary prospectus contain this and other important information, and it may be obtained at innovatoretfs.com. Read it carefully before investing.
Investing involves risks. Principal loss is possible. Innovator ETFs® are distributed by Foreside Fund Services, LLC.
The following marks: Accelerated ETFs®, Accelerated Plus ETF®, Accelerated Return ETFs®, Barrier ETF®, Buffer ETF™, Defined Income ETF™, Defined Outcome Bond ETF®, Defined Outcome ETFs™, Defined Protection ETF®, Define Your Future®, Enhanced ETF™, Floor ETF®, Innovator ETFs®, Leading the Defined Outcome ETF Revolution™, Managed Buffer ETFs®, Managed Outcome ETFs®, Step-Up™, Step-Up ETFs®, 100% Buffer ETFs™ and all related names, logos, product and service names, designs, and slogans are the trademarks of Innovator Capital Management, LLC, its affiliates or licensors. Use of these terms is strictly prohibited without proper written authorization.
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