Innovator U.S. Small Cap Power Buffer ETF - April
$39.70−0.30 (−0.75%)
- Expense ratio
- 0.79%
- Fund size
- $214M
- 1Y return
- +16.7%
- Yield · Last 12 months
- —
- Holdings
- 6
- Volume · 30D
- 0M sh
- NAV per share
- $39.87
- 52W range
The ETF.net KAPR Grade
Score 48 of 100 sits in the C 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 35Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.BScore 66Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.CScore 44Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.Not scoredDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.AScore 85Category rank
Our read on KAPR
CSmall caps are the bumpiest ride in US equities. KAPR straps a cushion to them: it tracks the Russell 2000 ETF across an April-to-March outcome period, absorbing the first 15% of losses in exchange for a ceiling on the upside.
The fund seeks to follow the return of IWM up to a predetermined cap while protecting investors from the first 15% of losses during the outcome period, before fees and expenses.
Why people hold it
- The buffer is the whole point: over each outcome period the fund aims to absorb the first 15% of the Russell 2000 ETF's decline, before fees and expenses.innovatoretfs.com
- Costs 0.79% a year, level with Innovator's other small-cap buffer months and below the 0.90% charged by FT Vest's small-cap buffer funds (SMAY, SNOV).
- April is your anchor: the period runs April 1 to March 31 with a fresh cap each spring, and sibling funds on other months (KJAN, KJUL, KOCT) let you stagger start dates.
- Running since 2020 inside a plain 1940 Act ETF wrapper holding options, not a bank-issued note, so the payoff shape doesn't ride on one issuer's credit.innovatoretfs.com
Worth knowing
- Thinly traded next to the heavyweights of the buffer world, so spreads deserve a look, and the stated buffer and cap apply to holders who own it start to finish of a period.innovatoretfs.com
- Upside stops at the cap struck each April, and the 15% cushion is measured before the 0.79% fee. Buy mid-period and you inherit whatever cap and remaining buffer exist that day.innovatoretfs.com
- Options do the work instead of shares, so Russell 2000 dividends don't flow through and the fund has not been making regular distributions.innovatoretfs.com
KAPR Holdings
- Stocks
- 6
- 105%
- IWM 03/31/2027 2.48 C
Sectors
KAPR Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
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.
| Period | KAPR |
|---|---|
| Year to date | +13.9% |
| 1 month | −0.8% |
| 3 months | +1.0% |
| 1 year | +16.7% |
| 3 years | +14.5% |
| 5 years | +7.9% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | KAPR |
|---|---|---|
| 2026 YTD | +13.9% | |
| 2025 | +7.4% | |
| 2024 | +12.1% | |
| 2023 | +15.3% | |
| 2022 | −8.1% | |
| 2021 | +2.5% | |
| 2020 | +21.2% |
KAPR in the news
ETF.net Research hasn’t filed on KAPR yet — coverage lands here as it’s written.
KAPR Dividends
No distributions in the last 12 months.
KAPR Risk
- 10.8%
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.
- 0.78
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.
- −16.9%
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.
- 0.66
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
KAPR Cost
- The middle half of Russell 2000 Buffer 15% funds
- Median 0.74%
8 of the 14 Russell 2000 Buffer 15% funds charge less.