At a glance
PAPR charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $953.1M in assets, the 8th largest of that group. Over the past year it returned +12.4% with distributions reinvested (S&P 500: +11.5%), 3rd of those 8 funds; over three years it returned +13.2% a year. At its worst it fell 10.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months after the low.
The short version
Innovator U.S. Equity Power Buffer ETF - April (PAPR) uses FLEX options on the SPDR S&P 500 ETF Trust to follow the S&P 500 within limits that reset every April 1. Over each one-year outcome period it aims to absorb the first 15% of losses, before fees, in exchange for a cap on gains. That cap was 12.39% for April 2025 to March 2026. Its 0.79% expense ratio ties for lowest among eight buffer funds compared.
Price history
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PAPR +12.4% 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 | |
|---|---|---|---|---|---|---|
| PAPR official prospectus, to Dec 31, 2024 | — | +6.56% | — | +7.44% | — | +7.38% |
| PAPR price data to Oct 27, 2026 | +11.0% | +12.4% | +13.2% | +8.3% | — | +8.4% |
- Over the year to Oct 27, 2026, PAPR returned +12.4%, 3rd of 8 among similar funds.
- Its 5-year annualized return was +8.3%.
- Its worst full calendar year was 2022 (-4.3%); its best was 2023 (+16.4%).
- The deepest fall in its price history was 11.9% (Feb 19, 2025 to Apr 8, 2025), recovered by Jul 28, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.0% | — |
| 2025 | +6.6% | +6.56% |
| 2024 | +12.3% | +12.49% |
| 2023 | +16.4% | +16.11% |
| 2022 | -4.3% | -4.23% |
| 2021 | +7.5% | +7.39% |
| 2020 | — | +4.58% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 9.6% over that stretch · deepest drop along the way 10.9%, back to its old high 11 months after the low |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.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 $8.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.63%, +0.04%, +0.61%.
How it works
PAPR doesn't pick stocks. At least 80% of its net assets go into investments tied to the SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500. It gets that exposure mainly through FLEX options rather than SPY shares. FLEX options are exchange-listed options with custom terms. Innovator Capital Management is the adviser, and Milliman Financial Risk Management is the sub-adviser. The July 31, 2026 holdings report listed four options on SPY. A deep in-the-money call, worth about 106% of net assets, moves almost one-for-one with SPY. A bought put and a sold put together form the buffer. A sold call sets the cap. Cash was 0.28%.
The options last for one outcome period, roughly April 1 to March 31. For April 1, 2025 to March 31, 2026, the cap was 12.39% and the buffer covered the first 15% of SPY losses, both before fees. After the 0.79% fee, they were 11.60% and 14.21%. In the prospectus examples, a 20% SPY loss meant a 5% fund loss, and a 50% SPY loss meant a 35% fund loss. Each April the options expire and the fund rolls into new ones with a new cap. Innovator posts the figures at innovatoretfs.com/papr.
These outcomes apply only to shares held for the full period and are measured at net asset value. The fund is non-diversified and, through the S&P 500, has heavy exposure to information technology.
What it really costs
- PAPR 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 |
|---|---|---|---|---|
| PAPR | $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 S&P 500 exposure but uses options to cushion the first 15% of yearly losses, giving up gains above a cap in return.
PAPR could soften stock-market drops for someone who wants S&P 500 exposure but worries about a large loss near or during retirement. Its record doesn't cover 2008, and its price data starts in June 2020, after the COVID crash. In 2022 it fell 10.9% from April to June and took 11 months, until May 2023, to recover. Its 2022 calendar-year loss was 4.23%. Its deepest drop was 11.9%, from February to April 2025, and it recovered in about 3.6 months. Someone drawing cash in a bad year would still have taken losses, and shares bought mid-period may carry less protection. It paid no income in the year to October 27, 2026, so withdrawals would mean cashing out shares. In the SEC's standard example, $10,000 costs $81 in fees in the first year. 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 holding from April 1 through March 31 who want a buffer against the first 15% of SPDR S&P 500 ETF losses, before fees.
- Cost-conscious buffer buyers: its 0.79% annual expense ratio ties for lowest among eight buffer funds compared, below the 0.86% peer average.
- Investors prioritizing a smoother ride: it lost 4.23% in 2022, and one-year volatility (price swings) was 3.4% as of October 27, 2026.
Look elsewhere if
- Investors seeking full S&P 500 gains: upside was capped at 12.39% before fees for April 2025–March 2026, and three-year returns trailed all seven peers.
- Investors needing deep-crash protection: losses beyond 15% pass through one-for-one, so a 50% underlying ETF drop would mean a 35% fund loss before fees.
- Income seekers: it paid no distributions in the year to October 27, 2026; its portfolio is almost entirely options on the SPDR S&P 500 ETF.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| PAPR this fund | 0.79% | $953.1M | +12.4% | +13.2% |
| 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
Is PAPR good for retirement?
PAPR may suit retirees who want S&P 500 exposure with a cushion against moderate losses, but it can still lose money. It aims to absorb the first 15% of SPY losses over each April-to-March period, before fees, while capping gains. Its worst calendar year was 2022, down 4.23%. Its deepest drop was 11.9% in early 2025, and it recovered in about 3.6 months. It paid no income in the year to October 27, 2026, and charges 0.79% a year.
What happens if I invest in PAPR after April 1?
You won't get the stated cap and buffer. Those apply only to shares held from the start of the outcome period, around April 1, to its end, around March 31. If the fund has already risen, less upside remains before the cap, and you could lose money before the buffer starts working. If it has fallen, some of the buffer may already be used up. Innovator posts the remaining cap and buffer daily at innovatoretfs.com/papr.
What's the difference between PAPR and PJAN?
They use the same Innovator Power Buffer strategy and the same 0.79% expense ratio. The difference is the reset date: PAPR's outcome period starts April 1 and PJAN's starts in January, so each locks in a different cap at a different market level. As of October 27, 2026, PAPR returned 12.4% over one year and 13.2% a year over three years, versus 10.5% and 14.8% for PJAN. PJAN held about $1.44 billion and PAPR about $953 million as of July 31, 2026.
Does PAPR pay dividends?
No. PAPR paid no distributions in the year to October 27, 2026, so its trailing yield was 0%. The fund holds FLEX options on the SPDR S&P 500 ETF Trust rather than the ETF's shares, so holders don't collect the dividends that S&P 500 companies pay. Returns come from changes in share price within the cap and buffer. Anyone who needs regular cash from this fund would have to sell shares to get it.
How much does PAPR cost compared with other buffer ETFs?
PAPR charges 0.79% a year. That matches Innovator's PJAN and PDEC and is below the 0.86% average of the similar funds compared. FT Vest's single-month buffer funds charge 0.85%, and its laddered BUFR, which spreads money across several outcome periods, charges 0.95%. In the SEC's standard example, $10,000 earning 5% a year costs $81 after one year, $439 after five and $978 after ten.