At a glance
LAPR charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $11.4M in assets, the 8th largest of that group; it paid 5.95% of its price in distributions over the past 12 months, monthly. Over the past year it returned +5.9% with distributions reinvested, the weakest of those 8 funds.
The short version
Innovator Premium Income 15 Buffer ETF - April (LAPR) is an actively managed ETF holding U.S. Treasury bills and options on the SPDR S&P 500 ETF Trust (SPY). It aims to pay a set monthly income (6.16% a year before fees for April 2025–March 2026) and cushion the first 15% of SPY losses each April-to-March period. Unlike most buffer funds, it gives up all stock gains; its 0.79% fee is below the 0.86% peer average.
Price history
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LAPR +5.9% 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 | |
|---|---|---|---|---|---|---|
| LAPR official prospectus, to Dec 31, 2024 | — | +5.79% | — | — | — | +6.11% |
| LAPR price data to Oct 27, 2026 | +5.1% | +5.9% | — | — | — | +6.2% |
- Over the year to Oct 27, 2026, LAPR returned +5.9%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+5.8%); its best was 2025 (+5.8%).
- The deepest fall in its price history was 3.8% (Apr 2, 2025 to Apr 8, 2025), recovered by May 12, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.1% | — |
| 2025 | +5.8% | +5.79% |
| 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) | $1.1700 | |
| 2025 | $1.3500 |
What's inside
As of Jul 31, 2026, the fund held 8 securities; the ten largest made up 100.92% of assets.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 97.07% | |
| TREASURY BILL Bonds and notes | 0.55% | |
| TREASURY BILL Bonds and notes | 0.55% | |
| TREASURY BILL Bonds and notes | 0.55% | |
| TREASURY BILL Bonds and notes | 0.55% | |
| TREASURY BILL Bonds and notes | 0.55% | |
| TREASURY BILL Bonds and notes | 0.55% | |
| TREASURY BILL Bonds and notes | 0.55% |
By country
United States 100.92%By issuer
US Treasury 100.92%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 $4.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.75%, +0.25%, +0.40%.
How it works
LAPR is an actively managed Innovator ETF. It holds U.S. Treasury bills plus FLEX options (customizable exchange-traded options) on the SPDR S&P 500 ETF Trust (SPY), not stocks. Each outcome period runs April 1 to March 31. At the start, the fund sets a Defined Distribution Rate for its monthly payouts, which come from Treasury interest and option premiums. For April 2025 to March 2026 it was 6.16% before fees; it resets each period and can rise or fall.
The buffer applies at the end of each period. If SPY's price is down 15% or less, the fund aims to return its starting NAV (net asset value per share) plus the distributions. If SPY falls further, holders bear the extra losses one-for-one. In return for the buffer and payouts, the fund gets none of SPY's gains. Investors who enter after a period starts may get a different level of protection, and option values can swing before expiry.
As of July 31, 2026, about 97% of net assets sat in one Treasury bill, with seven smaller bills near 0.55% each. Their average maturity was about 0.6 years, so interest-rate changes barely move their prices. The only derivative was one FLEX put option on SPY, valued at about -0.9% of assets; a negative value typically means the fund sold the option.
What it really costs
- LAPR 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 |
|---|---|---|---|---|
| LAPR | $81 | $252 | $439 | $978 |
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
- 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
It aims to pay a set rate of monthly income from Treasury bills and option premiums, giving up all of SPY's gains while buffering only the first 15% of SPY losses each period.
LAPR could supply monthly income with small price swings. Its trailing 12-month yield was 5.95% ($1.50 per share) as of October 27, 2026. Having launched April 1, 2024, it has no record in the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 5.79%, per the prospectus. Its deepest drop, 3.8% from April 2 to April 8, 2025, was recovered by May 12, 2025, about a month later.
The bigger risk for retirees is an SPY fall of more than 15% over an April-to-March period: losses past that point pass through one-for-one, and anyone who sells mid-period gets the market price, not the buffered result. In the SEC's standard $10,000 example, the 0.79% fee costs $81 in year one and $978 over 10 years. 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
- Income-focused investors who prefer monthly payouts to stock growth; the trailing 12-month yield was 5.95% as of October 27, 2026.
- Retirees who can hold through a full April-to-March outcome period, when the buffer against the first 15% of SPY losses is designed to apply.
- Cost-conscious users of buffer ETFs: its 0.79% expense ratio ties for lowest among the buffer funds compared here, below their 0.86% average.
Look elsewhere if
- Investors seeking growth: it gives up all SPY gains and returned 5.9% in the year to October 27, 2026, versus 9.5%–12.9% for other buffer funds.
- Anyone wanting deep-crash protection: SPY losses beyond 15% per outcome period pass through one-for-one, with no track record from 2008, 2020 or 2022.
- Those who prefer larger funds: net assets were about $11.4 million as of July 31, 2026, the smallest of eight buffer funds compared.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| LAPR this fund | 0.79% | $11.4M | +5.9% | — |
| 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 LAPR pay monthly dividends?
Yes. LAPR pays distributions monthly. Shareholders of record on the last business day of each month are paid on the first business day of the next month. Over the 12 months to October 27, 2026, it paid $1.50 per share, a trailing yield of 5.95%. The payments come from Treasury bill interest and option premiums, not stock dividends. The target rate resets at the start of each April-to-March outcome period, so it can rise or fall.
Can you lose money in LAPR?
Yes. The buffer covers only the first 15% of losses in the SPDR S&P 500 ETF Trust (SPY), measured from the start to the end of each April-to-March outcome period. If SPY falls further, holders bear the extra losses one-for-one. The prospectus says there is no guarantee the buffer will work, and investors who enter mid-period may get a different level of protection. Prices can also dip within a period: the fund fell 3.8% between April 2 and April 8, 2025.
Is LAPR good for retirement income?
It may suit retirees who put income ahead of growth. LAPR aims to pay a set rate over each April-to-March period (6.16% before fees for April 2025 to March 2026) while buffering the first 15% of SPY losses. Its price has moved little with the market: its one-year beta, a measure of market sensitivity, was 0.05 as of October 27, 2026. The trade-offs are no share in stock gains, a 0.79% fee and a record dating only to April 2024.
What's the difference between LAPR and PJAN?
The main difference is upside. LAPR gives up all of SPY's gains in exchange for monthly distributions, while most buffer ETFs let investors share in stock gains up to a cap. Both come from Innovator and charge 0.79%. In the year to October 27, 2026, PJAN (Innovator U.S. Equity Power Buffer ETF - January) gained 10.5% versus 5.9% for LAPR. PJAN is also far larger, with about $1.4 billion in net assets as of July 31, 2026, against LAPR's $11.4 million.
What is LAPR's expense ratio?
LAPR's expense ratio is 0.79% a year, all of it management fee, according to the prospectus filed February 27, 2026. In the SEC's standard example of $10,000 earning 5% a year, costs total about $81 after one year, $252 after three, $439 after five and $978 after 10. That ties for the lowest among the buffer ETFs compared here, which average 0.86%. The 6.16% distribution rate for April 2025 to March 2026 was quoted before these fees.