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APRJ

GradeDChicago Board Options Exchange

Innovator Premium Income 30 Barrier ETF

Option Income · Innovator · Inception 2023-04-03 · SEC filings

$25.04−0.01 (−0.06%)

As of Sep 23, 2026, 3:08 PM EDT

History starts Apr 3, 2023.
Intraday session: down, 29 prints from 25.05 to 25.04. Range 25.00 to 25.05. Use the arrow keys to read each point.$25.00$25.0210 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$31M
1Y return
+6.2%
Yield · Last 12 months
5.68%
Holdings
9
Volume · 30D
0M sh
NAV per share
$25.01
52W range
low $24.47high $25.20

The ETF.net APRJ Grade

D

37/ 100

Rank 46 of 52 in S&P 500 Option Income⁠

Confidence Medium

Six-pillar profile for APRJ. Scores out of 100: Cost 29, Risk 67, Mission not scored, Tradability 23, Holdings not scored, Durability 40. Strongest: Risk (67). Weakest: Tradability (23). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 37 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 29
    Category rank35/52 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 67
    Category rank10/52 · top 19%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 23
    Category rank46/52 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 40
    Category rank42/52 · bottom quartile

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on APRJ

ETF.net Research

DMost income ETFs sell calls and let the payout float with volatility. APRJ sets its distribution rate up front for each outcome period, pays quarterly, and puts a 30% barrier between S&P 500 price losses and the fund's value.

Stated mandate

The fund seeks to provide a defined distribution rate over each outcome period, while limiting exposure to S&P 500 Price Return Index losses up to a 30% barrier; losses beyond that barrier reduce the fund's value.

Why people hold it

  1. 01The income is defined, not discovered: a target rate set at the start of each outcome period, paid quarterly, so the schedule is known before you own it.
  2. 02The 30% barrier is a deep line by design. S&P 500 price losses up to it don't reduce the fund's value; the protection is written into the outcome period, not hoped for.
  3. 03Payout comes from a defined-outcome options contract on the index rather than month-to-month call premiums, so it isn't set by whatever volatility happens to pay that quarter.

Worth knowing

  1. 01At 0.79%, it runs above the 0.60% median for S&P 500 income funds, and cheaper peers exist (IVVW at 0.25%, RSPA at 0.32%, BALI at 0.35%).
  2. 02A barrier is a cliff, not a cushion: once index losses pass 30%, the fund's value takes the hit, and the reference is a price index, so dividends aren't in the math.
  3. 03Part of the distribution can be return of capital (your own money back), and the fund is small and lightly traded, so limit orders earn their keep.

APRJ Holdings

As of Sep 22, 2026, 10:01 PM
Asset class
Stocks
Holdings
9
Top-10 weight
108%
Largest holding
United States Treasury Bill 03/18/202797.2%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—United States Treasury Bill 03/18/202797.21%28,573,800$28M31
002—SPX 03/31/2027 4504.58 P6.90%1,301$2M1
003—United States Treasury Bill 09/24/20261.69%486,800$487K23
004—United States Treasury Bill 12/24/20261.68%487,800$483K27
005—US BANK MMDA - USBGFS 9 09/01/20370.04%11,300$11K161

Showing 1–5 of 5 holdings

APRJ Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

APRJ$10,620
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. APRJ $10,620. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for APRJ. Periods over one year show the average yearly return.
PeriodAPRJ
Year to date+4.7%
1 month+0.4%
3 months+1.4%
1 year+6.2%
3 years+6.2%per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for APRJ
YearReturn barAPRJ
2026 YTD+4.7%
2025+5.7%
2024+6.2%
2023+5.4%

Since listing, Apr 3, 2023

APRJ in the news

ETF.net Research hasn’t filed on APRJ yet — coverage lands here as it’s written.

APRJ Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
5.68%Last 12 months
Payout per share
$1.42Last 12 months
Last payment
$0.43 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2023–2026

One bar per payment. 13 payments from 2023 to 2026 YTD. Jun 29, 2023 $0.40; Sep 28, 2023 $0.40; Dec 28, 2023 $0.40; Mar 27, 2024 $0.40; Jun 28, 2024 $0.35; Sep 30, 2024 $0.35; Dec 31, 2024 $0.35; Mar 31, 2025 $0.35; Jun 30, 2025 $0.33; Sep 30, 2025 $0.33; Dec 31, 2025 $0.35; Mar 31, 2026 $0.33; Jun 30, 2026 $0.43. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Jun 30, 2026Jul 1, 2026$0.43
Mar 31, 2026Apr 1, 2026$0.33
Dec 31, 2025Jan 2, 2026$0.35
Sep 30, 2025Oct 2, 2025$0.33
Jun 30, 2025Jul 1, 2025$0.33
Mar 31, 2025Apr 1, 2025$0.35
Dec 31, 2024Jan 2, 2025$0.35
Sep 30, 2024Oct 4, 2024$0.35
Jun 28, 2024Jul 1, 2024$0.35
Mar 27, 2024Apr 1, 2024$0.40
Dec 28, 2023Jan 2, 2024$0.40
Sep 28, 2023Oct 2, 2023$0.40

APRJ Risk

How much the fund’s monthly returns vary, scaled to a year.
1.4%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.96
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−4.7%
41 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.07
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

APRJ Cost

Expense ratio0.79%
  • The middle half of S&P 500 Option Income funds
  • Median 0.60%

32 of the 51 S&P 500 Option Income funds charge less.

APRJ costs $79.00 a year on $10,000. The median S&P 500 Option Income fund costs $60.00.