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Launched

Innovator U.S. Equity Power Buffer ETF

PAPRCboeC

$43.41−0.02 (−0.05%)

As of Oct 13, 2026, 3:59 PM

C48/ 100

Rank 22 of 61 in S&P 500 Buffer 15%

C48/100Rank 22 of 61inS&P 500 Buffer 15%
Intraday session: down, 56 prints from 43.43 to 43.41. Range 43.31 to 43.47. Use the arrow keys to read each point.43.3343.3543.3843.4543.4810 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$964M
1Y total return
+13.6%
Yield · Last 12 months
0.00%
Holdings
3
Avg volume · 30D
0M sh
NAV per share
$43.44
52W range
low $38.19high $43.48
Launched

The ETF.net PAPR Grade

Based on 4 of 6 pillars

C

Score 48 out of 100

Category
S&P 500 Buffer 15%⁠
Rank
22 of 61
Six-pillar profile for PAPR. Scores out of 100: Cost 35, Risk 57, Mission not scored, Tradability 55, Holdings not scored, Durability 85. Strongest: Durability (85). Weakest: Cost (35). Based on 4 of 6 pillars.

Score 48 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    D35 out of 100
    Rank 34 of 61

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B57 out of 100
    Rank 17 of 57

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B55 out of 100
    Rank 30 of 59

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A85 out of 100
    Rank 5 of 61

Our read on PAPR

ETF.net Research

CInnovator's April door. PAPR takes the first 15% of losses on the S&P 500 fund it references and caps your upside in exchange. The buffer resets every April 1, so the deal is rewritten once a year. Running since 2019.

Stated mandate

The Fund uses a defined-outcome strategy tied to SPY over the April 1, 2026–March 31, 2027 Outcome Period, seeking to limit upside at a cap while protecting the first 15% of underlying losses before fees and expenses.

Why people hold it

  1. 01Buffers the first 15% of the reference fund's losses over each April-to-March outcome period, before fees and expenses. Downside cushion without leaving equities.innovatoretfs.com
  2. 02One of twelve monthly Power Buffer siblings, so you can enter in April or ladder across start months instead of hanging everything on one reset date.
  3. 03Live since April 2019, it has reset through real drawdowns rather than backtests, and it grades out in the upper tier of a crowded buffer peer group.

Worth knowing

  1. 01The cap is what pays for the buffer. Upside for each period is limited, and the 15% cushion is measured before the 0.79% fee, so a hot market year leaves gains on the table.
  2. 02Buy mid-period and you inherit whatever cap and remaining buffer are left, not the headline terms. The full stated deal belongs to holders from the April 1 start.
  3. 03At 0.79% it is priced like its Power Buffer siblings, while the laddered BUFF spreads the same style of outcomes across all twelve months for 0.10%.

PAPR Holdings

As of Oct 13, 2026
Asset class
Stocks
Holdings
3
Top-10 weight
110%
Largest holding
Spy 03/31/2027 6.5 C108.5%

Sectors

  • Technology40.1%
  • Financials11.3%
  • Communication9.9%
  • Health Care9.4%
  • Consumer Discretionary8.7%
  • Industrials7.6%
  • Consumer Staples4.4%
  • Energy3.4%
  • Utilities1.9%
  • Real Estate1.7%
  • Materials1.6%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Spy 03/31/2027 6.5 C108.51%13,626$1.0B1
002—Spy 03/31/2027 650.34 P0.87%13,626$8M2
003—Us Bank Mmda - Usbgfs 9 09/01/20370.29%2,834,895$3M163

Showing 1–3 of 3 holdings

PAPR Performance

Launched Apr 1, 2019

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

Not enough history yet.
PAPR$11,359
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. PAPR $11,359. SPY $12,044. Use the arrow keys to read each point.$9,582$10,912$12,243Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

Returns run to the Oct 12, 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 PAPR. Periods over one year show the average yearly return.
PeriodPAPR
Year to date+11.0%
1 month+1.0%
3 months+2.4%
1 year+13.6%
3 yearsper year+12.0%
5 yearsper year+8.6%
10 yearsFund is under 10 years oldper 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 PAPR
YearReturn barPAPR
2026 YTD+11.0%
2025+6.6%
2024+12.3%
2023+16.5%
2022−4.3%
2021+7.5%
2020+4.6%

PAPR in the news

Filtered to PAPR · S&P 500 Buffer 15%

PAPR 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 Oct 12, 2026.
0.00%Last 12 months
Payout per share
NoneLast 12 months

No distributions in the last 12 months.

Distribution history

Payments through 2019

One bar per payment. 1 payment in 2019. Nov 19, 2019 $0.80. Use the arrow keys to read each point.2019
Ex-datePay dateAmount per share
Nov 19, 2019Nov 21, 2019$0.80

PAPR Risk

How much the fund’s monthly returns vary, scaled to a year.
6.1%
Annualised · 36 months to Sep 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.
1.19
vs 3-month T-bills · to Sep 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.
−11.9%
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.
0.45
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.

PAPR Cost

Expense ratio0.79%
  • The middle half of S&P 500 Buffer 15% funds
  • Median 0.79%

23 of the 51 S&P 500 Buffer 15% funds charge less.

PAPR costs $79.00 a year on $10,000. The median S&P 500 Buffer 15% fund costs $79.00.

Other funds in S&P 500 Buffer 15%

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