At a glance
EAPR charges 0.89% a year, above the 0.86% average of the 7 funds most like it (the 6th cheapest of 8). It has $98.4M in assets, the 8th largest of that group. Over the past year it returned +11.5% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds; over three years it returned +11.6% a year. At its worst it fell 13.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months after the low.
The short version
Innovator Emerging Markets Power Buffer ETF - April (EAPR) holds FLEX options on the iShares MSCI Emerging Markets ETF. The options are set up to produce a defined outcome over one-year periods that start each April 1. The fund aims to absorb the first 15% of that ETF's losses, before fees, in exchange for a cap on gains: 14.69% for April 2025 through March 2026. At 0.89% a year, it costs a little more than the 0.86% peer average.
Price history
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EAPR +11.5% 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 | |
|---|---|---|---|---|---|---|
| EAPR official prospectus, to Dec 31, 2024 | — | +14.94% | — | — | — | +3.74% |
| EAPR price data to Oct 27, 2026 | +10.5% | +11.5% | +11.6% | +5.6% | — | +4.9% |
- Over the year to Oct 27, 2026, EAPR returned +11.5%, 6th of 8 among similar funds.
- Its 5-year annualized return was +5.6%.
- Its worst full calendar year was 2022 (-5.0%); its best was 2025 (+14.8%).
- The deepest fall in its price history was 17.7% (Jun 2, 2021 to Oct 24, 2022), recovered by May 15, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.5% | — |
| 2025 | +14.8% | +14.94% |
| 2024 | +2.9% | +2.99% |
| 2023 | +8.2% | +8.01% |
| 2022 | -5.0% | -4.90% |
| 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 | Lost 12.3% over that stretch · deepest drop along the way 13.4%, back to its old high 8 months after the low |
What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $951K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.05%, -0.09%, -1.56%.
How it works
EAPR doesn't pick stocks. Under normal conditions, it puts at least 80% of net assets into investments tied to the iShares MSCI Emerging Markets ETF. That ETF tracks the MSCI Emerging Markets Index of mid-size and large companies in emerging market countries. EAPR mainly holds FLEX options rather than the ETF's shares. These are exchange-traded options with custom strike prices and expiration dates. Innovator Capital Management is the adviser, and Milliman Financial Risk Management is the sub-adviser.
As of July 31, 2026, the fund held four option positions plus 1.84% cash. A purchased call with a $0.57 strike, worth about 104% of net assets, tracks the ETF's price almost one-for-one. A purchased put at $56.79 paired with a sold put at $48.27 creates the buffer. A sold call at $70.53 sets the cap, giving up gains above that level.
The cap is fixed on the first day of each one-year outcome period. For April 1, 2025 to March 31, 2026, it was 14.69% before fees, or 13.80% after the 0.89% fee. The buffer covered the first 15% of losses, or 14.11% after fees. Losses beyond that pass through one-for-one: a 50% drop in the ETF means a 35% fund loss before fees. When the options expire, the fund buys new one-year options and a new cap is set. People who buy or sell partway through a period can get very different results.
What it really costs
- EAPR charges 0.89% a year, versus an average of 0.86% for the similar funds below (6th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $91 in the first year and $1,096 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EAPR | $91 | $284 | $493 | $1,096 |
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.
In a retirement portfolio
It adds emerging-markets stock exposure with smaller swings than a plain stock fund, with a one-year beta of 0.46 (a measure of how closely it moves with the market).
EAPR launched on April 1, 2021, so it has no record from the 2008 financial crisis or the 2020 COVID crash. In the 2022 bear market, it fell 13.4% between April 4 and October 12, 2022, and recovered about 8 months later. Its deepest drop was 17.7%, from June 2021 to October 2022, and it took about 19 months to recover. Its worst calendar year was 2022, at −4.9%. Selling during a stretch like that locks in losses, and the buffer applies only to shares held for a full outcome period.
The fund has recorded no distributions, so any cash has to come from selling shares. Under the SEC's standard example, its 0.89% expense ratio comes to $91 in the first year and $1,096 over 10 years on a $10,000 investment. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want emerging-markets stocks with the first 15% of each period's losses buffered, before fees, and who accept capped gains.
- Buyers who can purchase near the April 1 start of an outcome period and hold for the full year to get the intended outcome.
- Holders who want milder swings: one-year volatility of 10.7%, and a worst calendar year of −4.9% in 2022.
Look elsewhere if
- Retirees who need income: the fund has recorded no distributions, so any cash must come from selling shares.
- Investors who want full emerging-markets upside: the cap was 14.69% before fees for April 2025 to March 2026.
- Buyers focused on cost and size: 0.89% tops the 0.86% peer average, and $98 million in assets is the smallest of eight funds compared.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| EAPR this fund | 0.89% | $98.4M | +11.5% | +11.6% |
| 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
Does EAPR pay dividends?
No. EAPR has recorded no distributions. The fund holds FLEX options on the iShares MSCI Emerging Markets ETF rather than the stocks themselves, and its outcomes are based on that ETF's share price. Owners of options don't receive the dividends paid on the underlying shares. Retirees who want regular cash would need to sell EAPR shares or rely on other holdings for income.
How does the EAPR buffer work?
EAPR aims to absorb the first 15% of losses in the iShares MSCI Emerging Markets ETF over each one-year outcome period, before fees. After the 0.89% fee, the buffer for April 1, 2025 to March 31, 2026 was 14.11%. Losses beyond 15% pass through one-for-one, so a 20% drop in the ETF means about a 5% fund loss before fees. The buffer isn't guaranteed and applies only to shares held for the full period.
What happens if I buy EAPR in the middle of the outcome period?
Results for someone who buys partway through can differ sharply from the stated cap and buffer. Those outcomes apply only to shares held from the first day of the outcome period to the last. If the underlying ETF has already risen, less upside may remain before the cap. If it has already fallen, part of the buffer may be used up. Innovator posts updated figures daily at www.innovatoretfs.com/eapr. Shares also trade at market prices, which can differ from net asset value.
What's the difference between EAPR and PJAN?
Both are Innovator Power Buffer ETFs that buffer losses in exchange for capped gains, but they track different markets. EAPR is built on the iShares MSCI Emerging Markets ETF, with outcome periods starting in April. PJAN follows U.S. stocks and resets in January. PJAN charges 0.79% compared with EAPR's 0.89%. It held $1.4 billion as of July 31, 2026, against EAPR's $98 million. Over the three years through October 27, 2026, PJAN returned 14.8% a year, compared with 11.6% for EAPR.
Is EAPR a good investment for retirement?
It depends on the role it plays. EAPR may suit retirees who want some emerging-markets exposure with smaller swings. Its worst calendar year was 2022, at −4.9%. Even so, its deepest drop was 17.7%, from June 2021 to October 2022, and it took until May 2024 to recover. It pays no distributions and its gains are capped. Under the SEC's standard example, its 0.89% fee costs $91 in the first year on a $10,000 investment.