At a glance
ZAPR charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $64.3M in assets, the 8th largest of that group.
The short version
Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR) holds an S&P 500 ETF plus FLEX options. The options are designed to shield against 100% of that ETF's losses over a one-year outcome period that starts each April, in exchange for a cap on gains. For the period ending March 31, 2026, the cap was 7.52% before fees. Its 0.79% fee ties for lowest among the buffer funds it was compared with, but it is also the smallest of them.
Price history
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ZAPR — 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 | |
|---|---|---|---|---|---|---|
| ZAPR price data to Oct 27, 2026 | +2.2% | — | — | — | — | — |
- The deepest fall in its price history was 0.3% (Jun 15, 2026 to Jun 23, 2026), recovered by Jun 30, 2026.
| 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 |
What's inside
As of Jul 31, 2026, the fund held 1 securities; the ten largest made up 109.88% of assets.
| Fund held | Weight | |
|---|---|---|
| Vanguard S&P 500 ETF | 109.88% |
By country
United States 109.88%By asset type
Stocks 109.88%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $18.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.59%, +0.26%, +0.42%.
How it works
Innovator Capital Management runs the fund, with Milliman Financial Risk Management as sub-adviser. It does not pick stocks. At least 80% of its net assets goes into investments tied to an S&P 500 ETF. The prospectus names the SPDR S&P 500 ETF Trust. However, the fund's N-PORT report as of July 31, 2026 showed it holding the Vanguard S&P 500 ETF (VOO) at about 110% of net assets, plus four option positions on VOO with a combined value of about -10.45%. Both ETFs track the S&P 500.
FLEX options are exchange-traded options whose strike prices and expiry dates can be customized. The fund combines them to set two outcomes for each one-year period. The first is a buffer that seeks to absorb 100% of the underlying ETF's losses. The second is a cap on gains. From April 1, 2025 to March 31, 2026, the cap was 7.52% before fees, or 6.73% after the 0.79% fee. The net buffer was 99.21%. When a period ends, the fund cashes out its options and buys new one-year options, which sets a new cap. Innovator posts updated figures at innovatoretfs.com/zapr.
These outcomes apply only to holders who own shares for the whole period, and they are measured on net asset value (NAV), not market price. Someone who buys partway through may find that most of the capped gain has already been used up. The protection is not guaranteed.
What it really costs
- ZAPR 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 $— over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ZAPR | $81 | $252 | $— | $— |
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
The fund aims to give up most stock-market upside in exchange for a buffer against the S&P 500 ETF's losses over each one-year period.
ZAPR could act as a low-volatility stock position for someone who fears a market drop just before or early in retirement. Its track record is very short. Price data starts June 9, 2026, so it does not cover the 2008, 2020 or 2022 downturns or any full calendar year. Its deepest drop was 0.3%, from June 15 to June 23, 2026, and it recovered by June 30. Its one-year beta of 0.07 means it moved very little with the market. That was a calm stretch, though, and it says little about a real crash. The fund recorded no distributions, so drawing income means selling shares. Shares sold before March 31 may not get the buffered outcome. The 0.79% fee works out to $81 on $10,000 over one year and $252 over three years in the SEC example. 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
- Retirees wanting S&P 500 exposure with an options-based buffer aiming to absorb 100% of losses before fees, held through each full April-to-March period.
- Cost-conscious buyers of buffer funds: the 0.79% expense ratio (annual fee) ties for lowest among eight compared, below the 0.86% peer average and BUFR's 0.95%.
- People wanting very small swings: from June to October 2026, the worst price drop was 0.3% and beta (market sensitivity) was 0.07.
Look elsewhere if
- Growth seekers: gains were capped at 7.52% before fees, 6.73% after, for the period ending March 31, 2026; the cap resets each April.
- Mid-period buyers and income seekers: results can differ sharply for shares bought after each April 1 start, and the fund has recorded no distributions.
- Size-sensitive investors: net assets were $64.3 million as of July 31, 2026, the smallest of eight buffer funds compared, with $18.6 million in three-month outflows.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| ZAPR this fund | 0.79% | $64.3M | — | — |
| 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
Can you lose money in ZAPR?
Yes. The buffer seeks to protect against 100% of the underlying S&P 500 ETF's losses before fees. After the 0.79% fee, the net buffer was 99.21% for the April 2025 to March 2026 period. That protection applies only to shares held for the whole outcome period, and it is not guaranteed. People who buy or sell mid-period, or trade at a market price away from NAV, can get very different results.
What is the upside cap on ZAPR?
For April 1, 2025 to March 31, 2026, the cap was 7.52% before fees, or 6.73% after the 0.79% management fee. No matter how much the S&P 500 ETF rose, that was the most a full-period holder could earn. The cap resets each April when the fund buys new one-year FLEX options. The new period's figures are posted on Innovator's website at innovatoretfs.com/zapr.
Does ZAPR pay dividends?
No distributions are recorded for ZAPR. Its returns, up to the cap, show up through changes in the share price rather than cash payouts. This differs from owning an S&P 500 index fund directly, which typically pays quarterly dividends. Retirees who want regular income from this holding would need to sell shares. Selling before the outcome period ends may give a different result than the fund's stated buffer and cap.
What's the difference between ZAPR and PJAN?
Both are Innovator buffer ETFs with the same 0.79% expense ratio, but their terms differ. PJAN is a "Power Buffer" fund with a January outcome period. Its buffer and cap differ from ZAPR's 100% buffer. PJAN is much larger, with $1.44 billion in net assets as of July 31, 2026, against ZAPR's $64.3 million. PJAN returned 10.5% over one year as of October 27, 2026. ZAPR has no one-year record yet.
What does ZAPR cost?
ZAPR charges 0.79% a year. In the SEC's standard example, $10,000 earning 5% a year would cost about $81 after one year and $252 after three years. That ties for lowest among the eight buffer funds compared, whose average was 0.86%. FT Vest's BUFR and BUFD each charge 0.95%. The fee also trims the fund's results: it lowers the stated cap and buffer by the same 0.79%.