At a glance
NAPR charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $209.3M in assets, the 8th largest of that group. Over the past year it returned +14.7% with distributions reinvested (S&P 500: +11.5%), the best of those 8 funds; over three years it returned +13.9% a year. At its worst it fell 16.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months after the low.
The short version
Innovator Growth-100 Power Buffer ETF - April (NAPR) uses FLEX options on the Invesco QQQ Trust, which tracks the Nasdaq-100 Index, to cushion the first 15% of QQQ losses over each one-year outcome period starting in April. In exchange, gains are capped (15.40% before fees for April 2025 to March 2026). 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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NAPR +14.7% 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 | |
|---|---|---|---|---|---|---|
| NAPR official prospectus, to Dec 31, 2024 | — | +6.62% | — | +8.59% | — | +9.87% |
| NAPR price data to Oct 27, 2026 | +13.4% | +14.7% | +13.9% | +9.7% | — | +11.0% |
- Over the year to Oct 27, 2026, NAPR returned +14.7%, 1st of 8 among similar funds.
- Its 5-year annualized return was +9.7%.
- Its worst full calendar year was 2022 (-12.1%); its best was 2023 (+30.6%).
- The deepest fall in its price history was 16.5% (Apr 4, 2022 to Oct 14, 2022), recovered by May 15, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.4% | — |
| 2025 | +6.6% | +6.62% |
| 2024 | +13.3% | +13.27% |
| 2023 | +30.6% | +30.56% |
| 2022 | -12.1% | -12.06% |
| 2021 | +9.1% | +8.90% |
| 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 14.6% over that stretch · deepest drop along the way 16%, back to its old high 7.1 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 $10.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.32%, -0.16%, -0.50%.
How it works
NAPR does not pick stocks. At least 80% of its net assets go into investments tied to the Invesco QQQ Trust, Series 1. That ETF tracks the Nasdaq-100 Index of the largest domestic and international nonfinancial companies listed on the Nasdaq Stock Market. NAPR mainly holds FLEX Options, which are exchange-listed options with custom strike prices and expiration dates. Its N-PORT filing as of July 31, 2026, showed four option positions on QQQ making up 99.78% of the fund, plus 0.28% cash. Innovator is the adviser and Milliman is the sub-adviser.
The options are set once a year for an outcome period that runs from about April 1 to March 31. For April 1, 2025 to March 31, 2026, the fund aimed to match QQQ's return up to a 15.40% cap (14.61% after the 0.79% fee). It also aimed to absorb the first 15% of QQQ losses (14.21% after fees). Losses beyond 15% pass through one for one, so a 50% QQQ drop means roughly a 35% fund loss before fees. When a period ends, the options settle in cash, new ones are bought, and a new cap is set.
These outcomes apply only to holders who stay in from the first day of a period to the last. Shares trade at market prices, which can differ from net asset value. The fund is non-diversified, and the buffer is not guaranteed.
What it really costs
- NAPR 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 |
|---|---|---|---|---|
| NAPR | $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 keeps Nasdaq-100 exposure but cushions the first 15% of QQQ losses in each April-to-March period, at the cost of capped gains.
NAPR launched on April 1, 2020, after the COVID crash, so the 2022 bear market is its only major test. Its deepest drop was 16.5%, from April 4 to October 14, 2022, and it lost 12.06% for calendar 2022, its worst year. It took about seven months, until May 15, 2023, to regain its peak. The buffer softened losses but did not prevent them. That matters for anyone who might have to sell shares in a bad year. The fund paid no distributions, so withdrawals would come from selling shares. Full buffer protection also applies only from the start of an outcome period. Under the SEC example, $10,000 would cost $81 in the first year and $978 over 10 years. 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 who want Nasdaq-100 exposure through QQQ and accept capped gains in return for a cushion against the first 15% of losses.
- Buyers who can buy near April 1 and hold the full outcome period, which is when the stated cap and buffer apply.
- Cost-conscious buffer-fund shoppers: its 0.79% expense ratio ties for lowest among eight similar funds, whose average is 0.86%.
Look elsewhere if
- Retirees who want regular income: NAPR recorded no distributions, so any cash would have to come from selling shares.
- Investors who want full Nasdaq-100 upside: gains above the cap (15.40% before fees for April 2025 to March 2026) are given up.
- Those who want broad diversification or a large fund: NAPR is non-diversified, tied to one ETF, and the smallest of eight similar funds.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| NAPR this fund | 0.79% | $209.3M | +14.7% | +13.9% |
| 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 NAPR pay dividends?
No. NAPR has no recorded distributions. The fund holds FLEX Options on the Invesco QQQ Trust instead of owning the stocks directly, and its returns come from changes in the value of those options. An investor who needs cash from it would have to sell shares. People looking for regular retirement income may want to compare it with funds that pay distributions. NAPR's main appeal is its loss buffer, not income.
What happens if I buy NAPR in the middle of the outcome period?
Your results can be very different from the stated cap and buffer. Those outcomes are set on the first day of each outcome period, which starts around April 1. They apply only to shareholders who hold until the period ends about a year later. If QQQ has risen since the start, there may be little room left before the cap. If it has fallen, part of the buffer may already be used up. Innovator posts updated figures daily at innovatoretfs.com/napr.
What's the difference between NAPR and PJAN?
Both are Innovator Power Buffer ETFs with a 0.79% expense ratio. NAPR uses options on the Invesco QQQ Trust (Nasdaq-100) and resets each April. PJAN is Innovator's U.S. equity version and resets each January. PJAN is much larger: $1.44 billion in net assets versus NAPR's $209 million as of July 31, 2026. As of October 27, 2026, NAPR returned 14.7% over one year versus 10.5% for PJAN. Over three years it returned 13.9% a year, slightly behind PJAN's 14.8%.
How did NAPR do in the 2022 bear market?
It lost 12.06% in calendar 2022, its worst year since launching in April 2020. Its deepest drop was 16.5%, from April 4 to October 14, 2022. Its worst quarter was a 12.64% loss in the three months ending June 30, 2022. The buffer covers only the first 15% of QQQ losses within each April-to-March period, so a deep or badly timed decline can still cause real losses. The fund regained its peak on May 15, 2023.
What is NAPR's expense ratio?
NAPR's expense ratio is 0.79%, according to its prospectus filed February 27, 2026. That ties for lowest among eight similar buffer funds, whose average is 0.86%. In the SEC's standard example, $10,000 earning 5% a year would cost about $81 in the first year and $978 over 10 years. The fee also reduces the cap and buffer investors actually get. For April 2025 to March 2026, the 15.40% cap became 14.61% and the 15% buffer became 14.21%.