At a glance
IAPR charges 0.85% a year, below the 0.86% average of the 7 funds most like it (the 3rd cheapest of 8). It has $199.3M in assets, the 8th largest of that group. Over the past year it returned +10.1% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds; over three years it returned +12.3% a year. At its worst it fell 17.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 17 months after the low.
The short version
Innovator International Developed Power Buffer ETF - April (IAPR) holds FLEX options on the iShares MSCI EAFE ETF instead of owning stocks. That ETF tracks large and mid-size companies in developed markets outside the US and Canada. Over each one-year period starting April 1, IAPR aims to absorb the first 15% of that ETF's losses. In exchange, it caps gains, at 15.79% before fees for April 2025 to March 2026. It charges 0.85% a year and has recorded no distributions.
Price history
The interactive chart needs JavaScript.
IAPR +10.1% 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 | |
|---|---|---|---|---|---|---|
| IAPR official prospectus, to Dec 31, 2024 | — | +15.39% | — | — | — | +4.60% |
| IAPR price data to Oct 27, 2026 | +8.4% | +10.1% | +12.3% | +5.2% | — | +5.2% |
- Over the year to Oct 27, 2026, IAPR returned +10.1%, 7th of 8 among similar funds.
- Its 5-year annualized return was +5.2%.
- Its worst full calendar year was 2022 (-7.6%); its best was 2025 (+15.5%).
- The deepest fall in its price history was 17.7% (Nov 8, 2021 to Sep 27, 2022), recovered by Feb 22, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.4% | — |
| 2025 | +15.5% | +15.39% |
| 2024 | +3.8% | +3.81% |
| 2023 | +7.7% | +7.82% |
| 2022 | -7.6% | -7.82% |
| 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 16.7% over that stretch · deepest drop along the way 17.3%, back to its old high 16.9 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 withdrew a net $13.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.78%, +0.40%, +1.51%.
How it works
IAPR doesn't hold stocks directly. It holds FLEX options on the iShares MSCI EAFE ETF. FLEX options are exchange-traded options whose strike prices and expiration dates can be customized. The fund must keep at least 80% of net assets in investments tied to that ETF. The ETF tracks the MSCI EAFE Index, which weights large and mid-size companies in developed markets outside the US and Canada by market value. As of July 31, 2026, four option positions made up 99.84% of net assets, and cash made up 0.23%. Innovator Capital Management is the adviser, and Milliman Financial Risk Management is the sub-adviser.
The options are set once a year for an outcome period running from April 1 to March 31. For April 1, 2025 to March 31, 2026, the cap on gains was 15.79% before fees, or 14.94% after the 0.85% fee. The buffer covered the first 15% of the ETF's losses, or 14.15% after fees. Losses beyond 15% pass through one for one. In the prospectus example, a 20% drop in the ETF means a 5% fund loss before fees. Each April the options settle in cash, and a new set with a new cap begins.
These outcomes apply only to shareholders who hold for the whole period. They're measured on net asset value, not market price. People who enter or exit mid-period may get very different results. Innovator posts daily updates at www.innovatoretfs.com/iapr.
What it really costs
- IAPR charges 0.85% a year, versus an average of 0.86% for the similar funds below (3rd of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $87 in the first year and $1,049 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IAPR | $87 | $271 | $471 | $1,049 |
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 aims to cushion the first 15% of each year's losses on developed international stocks, gives up gains above a cap, and pays no income.
IAPR could add international stocks with smaller swings. Its one-year volatility was 7.2% as of October 27, 2026. It launched in April 2021, so it has no record for 2008 or 2020. In the 2022 bear market it fell 17.3% from peak to low. Its deepest drop, 17.7% from November 2021 to September 2022, took about 17 months to recover, in February 2024. That drop was bigger than the 15% buffer because the buffer applies only over a full outcome period, not to daily prices. Its worst calendar year was 2022, down 7.82% per the prospectus. Anyone who might need cash mid-period should expect results that differ from the stated targets. It has recorded no distributions and costs 0.85% a year. 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
- Investors wanting developed-market stocks outside the US and Canada, via options on the iShares MSCI EAFE ETF, with the first 15% of losses buffered.
- Patient holders who invest near April 1 and stay through March 31, since the buffer and cap apply only over that full outcome period.
- Those wanting a gentler ride: one-year volatility (how widely returns swing) was 7.2% as of October 27, 2026, though its deepest drop reached 17.7%.
Look elsewhere if
- Retirees who need regular income: no distributions are recorded for this fund, so withdrawals would mean cashing out shares.
- Investors wanting full upside: gains were capped at 15.79% before fees (14.94% after) for the period starting April 1, 2025; the cap resets yearly.
- Cost-conscious investors: the 0.85% fee, near the 0.86% peer average, adds up to $1,049 per $10,000 over 10 years in the SEC example.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| IAPR this fund | 0.85% | $199.3M | +10.1% | +12.3% |
| 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
Does IAPR pay dividends?
No. The fund has recorded no distributions. IAPR holds FLEX options on the iShares MSCI EAFE ETF rather than the stocks themselves, and its outcomes are measured on that ETF's share price. Investors who want regular income from international stocks may find funds that hold dividend-paying shares directly a better fit. IAPR's appeal is its buffer against losses, not income.
What is the IAPR cap and buffer?
For April 1, 2025 to March 31, 2026, IAPR's cap was 15.79% before fees, or 14.94% after its 0.85% fee. Its buffer covered the first 15% of losses in the iShares MSCI EAFE ETF, or 14.15% after fees. Losses beyond 15% pass through in full. In the prospectus examples, a 50% gain in the ETF still gives the fund only 15.79%, and a 50% drop means a 35% fund loss. A new cap is set each April.
What happens if you invest in IAPR in the middle of the outcome period?
Your results may differ a lot from the stated cap and buffer. Those outcomes apply only to shareholders who hold from April 1 to March 31. Someone who enters mid-period may have less buffer left, or less room before the cap. Even full-period holders see bigger swings along the way: the fund fell 17.7% from November 2021 to September 2022. Innovator posts daily updates on the remaining cap and buffer at www.innovatoretfs.com/iapr.
IAPR vs PJAN: what's the difference?
Both are Innovator Power Buffer ETFs, but they hold different stocks. PJAN holds options on US stocks, and its outcome period starts in January. IAPR holds options on the iShares MSCI EAFE ETF, which covers developed markets outside the US and Canada. PJAN charges 0.79% and IAPR charges 0.85%. As of October 27, 2026, PJAN returned 10.5% over one year and 14.8% a year over three years. IAPR returned 10.1% and 12.3%. PJAN is much larger, with $1.4 billion as of July 31, 2026.
How much does IAPR cost?
IAPR's expense ratio is 0.85% a year, all of it management fee, per its February 27, 2026 prospectus. That is close to the 0.86% average of similar buffer funds and ranks 3rd lowest of eight. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, costs come to about $87 after one year, $271 after three, $471 after five and $1,049 after ten.