At a glance
UAPR charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $157.4M in assets, the 8th largest of that group. Over the past year it returned +11.3% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds; over three years it returned +12.8% a year. At its worst it fell 8.8% 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 U.S. Equity Ultra Buffer ETF - April (UAPR) holds an S&P 500 ETF plus options that cap gains and seek to absorb S&P 500 losses between 5% and 35% over one-year outcome periods starting each April. For the period ending March 31, 2026, the cap was 12.25% before fees. Its 0.79% expense ratio ties for the lowest among similar buffer funds, but its three-year return ranked last of eight as of October 27, 2026.
Price history
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UAPR +11.3% 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 | |
|---|---|---|---|---|---|---|
| UAPR official prospectus, to Dec 31, 2024 | — | +6.18% | — | +5.59% | — | +4.47% |
| UAPR price data to Oct 27, 2026 | +10.0% | +11.3% | +12.8% | +6.7% | — | +6.5% |
- Over the year to Oct 27, 2026, UAPR returned +11.3%, 6th of 8 among similar funds.
- Its 5-year annualized return was +6.7%.
- Its worst full calendar year was 2022 (-5.7%); its best was 2024 (+12.4%).
- The deepest fall in its price history was 10.8% (Feb 19, 2025 to Apr 8, 2025), recovered by Aug 18, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.0% | — |
| 2025 | +6.3% | +6.18% |
| 2024 | +12.4% | +12.58% |
| 2023 | +10.6% | +10.82% |
| 2022 | -5.7% | -5.62% |
| 2021 | +5.3% | +4.97% |
| 2020 | — | -5.08% |
| 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 7.5% over that stretch · deepest drop along the way 8.8%, back to its old high 17 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 1 securities; the ten largest made up 106.45% of assets.
| Fund held | Weight | |
|---|---|---|
| Vanguard S&P 500 ETF | 106.45% |
By country
United States 106.45%By asset type
Stocks 106.45%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $865K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.42%, +0.28%, +0.56%.
How it works
UAPR is a defined-outcome fund. Innovator Capital Management is the adviser and Milliman Financial Risk Management is the sub-adviser. The fund does not pick stocks. It pairs an S&P 500 index fund with FLEX Options, which are exchange-traded options with custom strike prices and expiration dates, written on that fund. The prospectus filed February 27, 2026 names the SPDR S&P 500 ETF Trust as the underlying fund. As of July 31, 2026, the holdings report showed the Vanguard S&P 500 ETF (VOO) at about 106% of assets, offset by five option positions worth about -7% combined.
The options set the results for each one-year outcome period. For April 1, 2025 to March 31, 2026, gains were capped at 12.25% before fees, or 11.46% after the 0.79% fee. Holders took the first 5% of losses. The fund sought to absorb losses from 5% to 35%, and losses beyond 35% passed through one for one. In the prospectus table, a 50% drop in the underlying fund means a 20% loss for UAPR. Each April the old options expire and new ones set a fresh cap, so the cap changes from year to year.
These results apply only to shares held for the whole period, and they are measured on net asset value, not market price. Buying after the period starts or selling before it ends can produce very different results. Innovator posts daily updates at innovatoretfs.com/uapr. The buffer is not guaranteed, and the fund is classified as non-diversified.
What it really costs
- UAPR 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 |
|---|---|---|---|---|
| UAPR | $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.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It keeps S&P 500 exposure while using options to absorb a range of losses, which has given it a one-year beta of 0.21, at the cost of capped gains.
UAPR could hold S&P 500 exposure for someone who wants smaller swings. It launched in 2019, so it has no 2008 record. Its worst quarter was -12.64%, in early 2020. Its worst calendar year in the prospectus was 2022, at -5.62%. In the 2022 bear market it fell 8.8% at its deepest and took 17 months to recover, until November 14, 2023. Its largest drop, 10.8% from February to April 2025, recovered in about four months.
The trade-off is capped upside. As of October 27, 2026, its three-year return trailed all seven similar funds it was compared with. It paid no distributions in the year to that date, so cash needs mean selling shares. Selling mid-period means accepting whatever cap and buffer remain. In the SEC's $10,000 example, costs are $81 in the first 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 S&P 500 exposure with a buffer against 5%–35% losses who accept a yearly cap (12.25% before fees for the period ending March 2026).
- Those able to buy near April 1 and hold for the full one-year outcome period, when the stated cap and buffer apply.
- Cost-conscious buffer-fund buyers: its 0.79% expense ratio is below the 0.86% average of the similar funds it was compared with.
Look elsewhere if
- Anyone needing income: UAPR paid no distributions in the year through October 27, 2026.
- Growth-focused investors: its 12.8% annual three-year return ranked last of eight similar buffer funds as of October 27, 2026.
- Those seeking crash protection: losses beyond 35% pass through fully, so a 50% S&P 500 drop means about a 20% loss before fees.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| UAPR this fund | 0.79% | $157.4M | +11.3% | +12.8% |
| 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 UAPR a good investment for retirement?
It may suit retirees who care more about smaller swings than full stock-market gains. As of October 27, 2026, UAPR's three-year volatility (a measure of how much returns swing) was 7%. Its worst calendar year in the prospectus was 2022, at -5.62%. The trade-offs: gains are capped each year, it paid no distributions in the year through October 27, 2026, and its three-year return trailed all seven similar buffer funds it was compared with. Its expense ratio is 0.79%.
How does the UAPR buffer work?
UAPR uses FLEX Options on an S&P 500 ETF to absorb losses between 5% and 35% over a one-year outcome period that runs from April 1 to March 31. Shareholders take the first 5% of losses and any losses beyond 35%. In return, gains are capped. For the period ending March 31, 2026, the cap was 12.25% before fees, or 11.46% after fees. A new cap is set each April, and the buffer is not guaranteed.
Does UAPR pay dividends?
No. UAPR paid no distributions in the year through October 27, 2026, so its trailing yield was 0%. Its returns come from changes in its share price, which depend on its S&P 500 holding and on the options that set its cap and buffer. Investors who need regular cash from this fund would have to sell shares. Selling before an outcome period ends means accepting whatever cap and buffer remain at that point.
What happens if you buy UAPR in the middle of the outcome period?
Your results may differ sharply from the stated cap and buffer. Those outcomes apply only to shares held from the first day of an outcome period, April 1, through its last day, March 31. If the fund has already risen, less upside is left before the cap. If it has fallen, the protection left may be larger or smaller than stated. Innovator posts daily updates at innovatoretfs.com/uapr showing where the fund stands within the period.
UAPR vs PJAN: what's the difference?
Both are Innovator buffer ETFs tied to the S&P 500, and both charge 0.79%. UAPR is an "Ultra Buffer" fund that resets each April and targets losses between 5% and 35%. PJAN is a "Power Buffer" fund that resets each January, with its own cap and buffer levels. PJAN is much larger: $1.44 billion in net assets versus UAPR's $157 million as of July 31, 2026. Its three-year return was 14.8% a year versus UAPR's 12.8% as of October 27, 2026.