At a glance
APOC charges 0.79% a year. It has $52.0M in assets. Over the past year it returned +2.7% with distributions reinvested (S&P 500: +11.5%).
The short version
Innovator Equity Defined Protection ETF - 6mo Apr/Oct (APOC) launched on October 1, 2024. Its name says it aims to limit stock-market losses over six-month periods that reset in April and October. As of October 27, 2026, its record has been very calm: its deepest drop was 4.2%, and its one-year beta was 0.09. The trade-off is small gains and a 0.79% expense ratio.
Price history
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APOC +2.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| APOC price data to Oct 27, 2026 | +2.1% | +2.7% | — | — | — | +3.0% |
- Over the year to Oct 27, 2026, APOC returned +2.7%.
- Its worst full calendar year was 2025 (+2.9%); its best was 2025 (+2.9%).
- The deepest fall in its price history was 4.2% (Feb 19, 2025 to Apr 4, 2025), recovered by Sep 17, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +2.1% |
| 2025 | +2.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
How it works
We could not find APOC's SEC filings under its ticker. That means we can't confirm the details here: which stock index it is tied to, how much protection it targets, or how much upside it allows. The name describes an "equity defined protection" fund with six-month outcome periods that reset in April and October. Innovator, the issuer, publishes the terms for each period. Those terms are worth checking before buying.
Here is how defined-outcome funds of this type usually work. Instead of owning stocks directly, the fund holds a set of options on a stock index. An option is a contract whose value rises or falls with the index. The options are set up so the fund absorbs little or none of the index's loss over the outcome period. In exchange, gains are limited by a cap, an upper limit on how much the fund can rise during the period. At each reset, the fund buys new options with fresh terms.
Two mechanics matter for holders. First, the stated protection and cap apply only to someone who holds from the start of a period to its end. Buy in the middle of a period and your actual outcome can be quite different. Second, option-based returns usually don't include the index's dividends. As of October 27, 2026, the fund had recorded no distributions.
What it really costs
- APOC charges 0.79% a year.
In a retirement portfolio
APOC is built to limit equity losses over set six-month periods, and its short record shows very small swings and a one-year beta of 0.09.
APOC launched in October 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its deepest drop was 4.2%, from February 19 to April 4, 2025, and it was back to its old high by September 17, 2025, about 5.5 months later. It gained 2.9% in 2025, its only full calendar year. One-year volatility was 2.7% as of October 27, 2026. For someone who may need to sell shares in a bad year, those shallow dips are the main appeal. The costs are low growth, no income (no distributions have been recorded) and a 0.79% expense ratio. Its one-year Sharpe ratio was -0.49, which means it earned less than a cash-like return once you adjust for risk. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want some stock exposure but will accept small gains to limit losses over six-month periods resetting in April and October.
- People near or in retirement who value shallow dips; APOC's deepest drop was 4.2% through October 27, 2026.
- Holders willing to check Innovator's protection and cap terms for each outcome period and to time purchases near the resets.
Look elsewhere if
- Anyone who needs regular income: APOC had recorded no distributions as of October 27, 2026.
- Cost-conscious investors: the 0.79% expense ratio is high for a fund that returned 2.7% over the year to October 27, 2026.
- Investors who want a long track record: APOC launched October 1, 2024, and has not been through a major bear market.
Close alternatives
Matched by legacy category (no holdings report for this fund).
No close alternatives found.
Questions investors ask
How does the Innovator APOC ETF work?
APOC is a defined-outcome ETF from Innovator. It aims to shield investors from stock market losses over six-month outcome periods that reset in April and October. Funds of this type use options to limit losses. Options are contracts whose value depends on the price of another investment. In exchange for the protection, gains are capped at a level set when each period begins. The protection assumes an investor holds for a full period, so investors who join partway through may get different results.
What is APOC's expense ratio?
APOC's expense ratio is 0.79%. That means 0.79% of the money invested goes to fund costs each year. It comes out of the fund's value rather than being billed separately. Many plain stock index funds charge far less. The higher fee pays for the options strategy behind the protection. APOC's returns have been modest, at 2.7% after costs for the year to October 27, 2026. So the fee takes a bigger share of the gains than it would in a faster-growing fund.
Does APOC pay dividends?
No. APOC has no distributions on record since it launched on October 1, 2024, so it has not provided regular income. Its return comes only from changes in its share price. That matters for retirees who rely on dividends to cover spending. To get cash from APOC, they would have to reduce their holding. When they take money out within each six-month outcome period can also affect how much protection applies.
Can you lose money in APOC?
Yes, at least for a while. APOC's largest decline was 4.2%, from February 19, 2025 to April 4, 2025. It took about 5.5 months to get back to its old high, on September 17, 2025. The protection is measured over a full outcome period, so the share price can fall partway through. Over the year to October 27, 2026, its Sharpe ratio was -0.49. That ratio measures return for each unit of risk, and a negative figure means it earned less than a risk-free investment such as Treasury bills.
Is APOC good for retirement?
APOC may suit retirees who care more about steady results than growth and accept capped gains. As of October 27, 2026, its one-year volatility (how much returns swing) was 2.7%. Its beta was 0.09, meaning it moved a small fraction as much as the stock market. The trade-off is low returns: 2.9% in 2025 and 2.1% for 2026 through October 27. It has made no distributions and is small, with about $52 million in net assets. It launched in October 2024, so it has not been through a bear market like the one in 2022.