At a glance
KAPR charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $215.4M in assets, the 8th largest of that group. Over the past year it returned +14.4% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +15.7% a year. At its worst it fell 14.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months after the low.
The short version
Innovator U.S. Small Cap Power Buffer ETF - April (KAPR) is a buffered, or "defined-outcome," fund. It uses FLEX options on the iShares Russell 2000 ETF to deliver small-company stock returns up to a cap. In exchange, it absorbs the first 15% of losses over each one-year period starting in April. Its 0.79% expense ratio is below the 0.86% average of similar buffer funds, but it pays no distributions.
Price history
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KAPR +14.4% 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 | |
|---|---|---|---|---|---|---|
| KAPR official prospectus, to Dec 31, 2024 | — | +7.68% | — | +5.66% | — | +7.67% |
| KAPR price data to Oct 27, 2026 | +12.9% | +14.4% | +15.7% | +7.5% | — | +9.2% |
- Over the year to Oct 27, 2026, KAPR returned +14.4%, 1st of 8 among similar funds.
- Its 5-year annualized return was +7.5%.
- Its worst full calendar year was 2022 (-8.1%); its best was 2023 (+15.4%).
- The deepest fall in its price history was 16.9% (Nov 8, 2021 to Jun 16, 2022), recovered by Dec 14, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.9% | — |
| 2025 | +7.4% | +7.68% |
| 2024 | +12.1% | +12.44% |
| 2023 | +15.4% | +14.84% |
| 2022 | -8.1% | -8.06% |
| 2021 | +2.5% | +3.00% |
| 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 12.6% over that stretch · deepest drop along the way 14.8%, back to its old high 12.8 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 withdrew a net $46K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.94%, +1.66%, -0.50%.
How it works
KAPR does not own stocks directly. It holds FLEX options, which are exchange-traded options with custom strike prices and expiration dates, on the iShares Russell 2000 ETF (IWM). IWM tracks roughly the 2,000 smallest companies in the Russell 3000 Index, weighted by the market value of their freely traded shares. As of July 31, 2026, four option positions made up 99.79% of the fund and cash was 0.28%. Innovator Capital Management is the adviser and Milliman Financial Risk Management is the sub-adviser.
The options are set on the first day of each one-year "outcome period." For April 1, 2025 to March 31, 2026, the cap was 17.90% before fees, or 17.11% after the 0.79% fee. The buffer covered the first 15% of IWM losses, or 14.21% after fees. In the prospectus example, a 20% fall in IWM means a 5% loss for the fund before fees. Losses beyond 15% pass through one for one, and gains above the cap are given up.
When a period ends, the options expire and the fund receives their cash value. It then buys a new set expiring about a year later, and a new cap is set, which may be higher or lower. The outcomes apply only to shareholders who hold for the full period, and they are measured at net asset value. Investors who come in partway through may have less buffer or less upside left. Innovator posts updated figures daily at innovatoretfs.com/kapr.
What it really costs
- KAPR 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 |
|---|---|---|---|---|
| KAPR | $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.
In a retirement portfolio
It offers small-company stock exposure with a 15% loss buffer over each April-to-March period, trading away gains above a yearly cap.
KAPR could give a portfolio small-cap stocks with a cushion against moderate losses. It launched in April 2020, after the COVID-crash low, so it has no record for 2008 or 2020. In the 2022 bear market it fell 14.8% from January 4 to June 16, 2022, and took about 13 months to recover. Its deepest drop was 16.9%, from November 2021 to June 2022, and recovery took about 18 months. Its worst calendar year was 2022, at -8.06%. The buffer applies over a full outcome period, not day to day. A retiree who has to cash out partway through a slump could still face sizable losses. KAPR pays no distributions, so any income would have to come from redeeming shares. Under the SEC's standard example, costs are $81 in the first year on $10,000. 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 Russell 2000 small-cap exposure with protection against the first 15% of losses over each April-to-March outcome period.
- Holders who can invest near the April start of an outcome period and stay the full year, which is when the stated outcomes apply.
- Cost-aware buffer-fund investors: the 0.79% expense ratio matches Innovator's PJAN and PDEC and is below FT Vest peers at 0.85%–0.95%.
Look elsewhere if
- Income seekers: the fund holds options rather than dividend-paying stocks, and no distributions have been recorded.
- Investors wanting full small-cap upside: gains above the cap are forfeited (17.90% before fees for April 2025–March 2026).
- Those preferring larger funds: at $215.4 million as of July 31, 2026, KAPR is the smallest of eight comparable buffer ETFs.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| KAPR this fund | 0.79% | $215.4M | +14.4% | +15.7% |
| 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 KAPR pay dividends?
No. The fund has no recorded distributions. KAPR holds FLEX options on the iShares Russell 2000 ETF rather than the stocks themselves. Option holders do not receive the dividends paid by the underlying shares. Any return comes through changes in the share price. An investor who needs cash from KAPR would have to redeem shares, which during a downturn could mean exiting at a loss.
How does the KAPR buffer and cap work?
Over each one-year outcome period starting April 1, KAPR aims to absorb the first 15% of losses in the iShares Russell 2000 ETF. Losses beyond that pass through one for one. In return, gains are capped. For April 1, 2025 to March 31, 2026, the cap was 17.90% before fees, or 17.11% after the 0.79% fee, and the net buffer was 14.21%. A new cap is set each April.
What happens if I invest in KAPR in the middle of the outcome period?
Your results may be very different from the stated cap and buffer. Those outcomes apply only to shareholders who hold from the first day of the period to the last. If IWM has risen since April, less upside may remain before the cap. If it has fallen, part of the buffer may already be used up. Innovator posts the remaining cap and buffer daily at innovatoretfs.com/kapr.
What's the difference between KAPR and PJAN?
Both are Innovator Power Buffer ETFs charging 0.79%. KAPR references small-company stocks through the iShares Russell 2000 ETF and resets each April. PJAN, the U.S. Equity Power Buffer ETF - January, resets each January. As of October 27, 2026, KAPR returned 14.4% over one year versus 10.5% for PJAN, and 15.7% versus 14.8% a year over three years. PJAN is much larger, at about $1.44 billion as of July 31, 2026.
How has KAPR performed since it launched?
Results have been moderate, with losses kept limited. According to its prospectus, KAPR returned 3.00% in 2021, -8.06% in 2022, 14.84% in 2023, 12.44% in 2024 and 7.68% in 2025. Its worst quarter was -9.47%, ending June 30, 2022. As of October 27, 2026, its price return was 7.5% a year over five years and 12.9% for the year to date.