At a glance
APRH charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $25.1M in assets, the 8th largest of that group; it paid 6.39% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +6.4% with distributions reinvested, the weakest of those 8 funds; over three years it returned +7.3% a year.
The short version
Innovator Premium Income 20 Barrier ETF - April (APRH) is an actively managed fund that holds U.S. Treasury bills plus options on the S&P 500 Price Return Index. Instead of stock gains, it aims to pay a set income each April-to-March period (7.41% before fees for the period ending March 2026) and avoid losses unless the S&P 500 ends a period down over 20%. Beyond a 21% drop, it takes the index's full loss.
Price history
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APRH +6.4% 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 | |
|---|---|---|---|---|---|---|
| APRH official prospectus, to Dec 31, 2024 | — | +6.94% | — | — | — | +7.62% |
| APRH price data to Oct 27, 2026 | +6.6% | +6.4% | +7.3% | — | — | +7.4% |
- Over the year to Oct 27, 2026, APRH returned +6.4%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+5.8%); its best was 2024 (+6.9%).
- The deepest fall in its price history was 5.9% (Mar 31, 2025 to Apr 8, 2025), recovered by May 12, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.6% | — |
| 2025 | +5.8% | +6.94% |
| 2024 | +6.9% | +6.93% |
| 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 |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.4500 | |
| 2025 | $1.3600 | -19.5% |
| 2024 | $1.6900 |
What's inside
As of Jul 31, 2026, the fund held 3 securities; the ten largest made up 101.41% of assets.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 97.30% | |
| TREASURY BILL Bonds and notes | 2.06% | |
| TREASURY BILL Bonds and notes | 2.05% |
By country
United States 101.41%By issuer
US Treasury 101.41%The bonds mature in 0.6 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $1.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.99%, +0.31%, +0.47%.
How it works
APRH is actively managed; it doesn't track an index. It holds U.S. Treasury bills plus FLEX options (exchange-traded options with custom terms) on the S&P 500 Price Return Index. Each outcome period runs April 1 to March 31. At the start, the fund sets a Defined Distribution Rate, its annual payout target: 7.41% before fees for the period ending March 31, 2026. The rate can change each period. Treasury interest and option premiums cover quarterly payouts in January, April, July and October.
The options create the barrier, judged only on the period's last day against its first. If the S&P 500 ends up, flat or down 20% or less, the fund aims to deliver the distribution rate, not the index's gains. If it ends down 20% to 21%, fund losses accelerate from 0% to 21%; beyond that, they match the index one for one. Unlike a buffer, which absorbs the first slice of losses, a fully breached barrier protects nothing, and the prospectus warns investors could lose their entire investment before distributions.
As of July 31, 2026, nearly all assets sat in three Treasury bills averaging 0.6 years to maturity, plus three S&P 500 option positions expiring March 31, 2027. Before expiry, share prices move with option values, so anyone entering or leaving mid-period can get a different result.
What it really costs
- APRH charges 0.79% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| APRH | $81 | $252 | $439 | $978 |
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Its design centers on a preset quarterly payout from Treasury interest and option premiums rather than on growth.
APRH could add quarterly income: its yield over the 12 months to October 27, 2026 was 6.39%. Both full calendar years were positive: 6.93% in 2024 and 6.94% in 2025. Its deepest drop, 5.9% from March 31 to April 8, 2025, was erased in about a month, but it shows the price can dip before a period ends. The fund launched in April 2023, so its record misses the 2008, 2020 and 2022 downturns. If the S&P 500 ends an April-to-March outcome period down more than 21%, the fund takes the index's full decline, and a retiree drawing cash then could lock in a steep loss.
Its 0.79% expense ratio ($81 in year one on $10,000 under the SEC's standard example) is below the 0.86% average for similar buffer funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income-focused investors wanting a preset quarterly payout, 7.41% before fees for the period ending March 2026, rather than stock-market gains.
- Investors wanting low volatility, meaning small price swings: 2.3% over one year as of October 27, 2026, with a deepest drop of 5.9%.
- Those able to hold for a full April-to-March period, since the barrier only applies to S&P 500 declines measured from its first to last day.
Look elsewhere if
- Growth seekers: the fund forgoes S&P 500 gains, and its 6.4% one-year return trailed all seven similar funds as of October 27, 2026.
- Those seeking protection in a deep crash: if the S&P 500 ends a period down over 21%, shareholders take the full decline.
- Investors who prefer larger, longer-running funds: APRH had $25.1 million in assets as of July 31, 2026, and launched in April 2023.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| APRH this fund | 0.79% | $25.1M | +6.4% | +7.3% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
How does the APRH 20% barrier work?
The barrier aims to shield shareholders from S&P 500 losses of up to 20%, measured from the first to the last day of each April-to-March outcome period. If the index ends down between 20% and 21%, the fund's losses accelerate from 0% to 21%. Beyond 21%, the fund takes the index's loss one for one. Unlike a buffer, it doesn't absorb the first 20% of a deeper drop, and the prospectus warns investors could lose their entire investment before counting distributions.
Does APRH pay monthly dividends?
No, APRH pays quarterly. Shareholders of record on the last business day of March, June, September and December are paid on the first business day of the following month. The payouts come from Treasury bill interest and option premiums. Over the 12 months to October 27, 2026, it paid $1.59 per share, a yield of 6.39%. For the outcome period ending March 31, 2026, the set Defined Distribution Rate was 7.41% before fees; the rate resets each April and can rise or fall.
Is APRH good for retirement income?
It may suit retirees who want a preset quarterly payout and accept an unusual risk. The fund doesn't share in S&P 500 gains, and if the index ends an April-to-March outcome period down more than 21%, shareholders take the full loss. It launched in April 2023, so its record doesn't include the 2008, 2020 or 2022 downturns. Its 0.79% expense ratio works out to $81 in year one and $978 over 10 years on $10,000, under the SEC's standard example.
What's the difference between APRH and PJAN?
Both are Innovator defined-outcome ETFs with a 0.79% expense ratio, but they aim for different things. APRH targets a preset income and forgoes S&P 500 gains, with a barrier that protects only against declines of up to 20%. PJAN is a buffer fund; buffer funds typically share in index gains up to a cap and absorb a set band of losses. Over the year to October 27, 2026, PJAN returned 10.5% and APRH 6.4%. PJAN had $1.4 billion in net assets as of July 31, 2026, versus APRH's $25.1 million.
How has APRH performed?
Steadily but modestly. Per its prospectus, APRH returned 6.93% in 2024 and 6.94% in 2025, with quarterly returns between 1.03% and 2.47%. Based on price, it returned 6.4% over one year and 7.3% a year over three years as of October 27, 2026. That trailed all seven similar defined-outcome funds, whose one-year returns ran from 9.5% to 12.9%, largely because APRH doesn't share in stock gains. Its deepest drop was 5.9%, between March 31 and April 8, 2025.