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PAPR

GradeCChicago Board Options Exchange

Innovator U.S. Equity Power Buffer ETF

Buffered · Innovator · Inception 2019-04-01

$43.17−0.03 (−0.07%)

As of Sep 23, 2026, 3:02 PM EDT

Intraday session: down, 54 prints from 43.21 to 43.17. Range 43.15 to 43.30. Use the arrow keys to read each point.$43.15$43.20$43.25$43.3010 AM12 PM2 PM4 PM
Expense ratio
0.79%
Fund size
$960M
1Y return
+12.7%
Yield · Last 12 months
0.00%
Holdings
6
Volume · 30D
0M sh
NAV per share
$43.09
52W range
low $38.19high $43.26

The ETF.net PAPR Grade

C

50/ 100

Rank 16 of 61 in S&P 500 Buffer 15%⁠

Confidence Medium

Six-pillar profile for PAPR. Scores out of 100: Cost 35, Risk 63, Mission not scored, Tradability 56, Holdings not scored, Durability 85. Strongest: Durability (85). Weakest: Cost (35). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 50 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 35
    Category rank35/61 · 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 63
    Category rank13/57 · top 23%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 56
    Category rank25/61 · top 41%

  • 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.
    AScore 85
    Category rank5/61 · top 8%

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

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 Sep 22, 2026, 10:01 PM
Asset class
Stocks
Holdings
6
Top-10 weight
110%
Largest holding
SPY 03/31/2027 6.5 C108.5%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—SPY 03/31/2027 6.5 C108.55%13,678$1.0B1
002—SPY 03/31/2027 650.34 P1.05%13,678$10M2
003—US BANK MMDA - USBGFS 9 09/01/20370.25%2,414,962$2M161

Showing 1–3 of 3 holdings

PAPR Performance

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

PAPR$11,275
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. PAPR $11,275. 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 PAPR. Periods over one year show the average yearly return.
PeriodPAPR
Year to date+10.4%
1 month+0.8%
3 months+2.6%
1 year+12.7%
3 years+12.1%per year
5 years+8.5%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 PAPR
YearReturn barPAPR
2026 YTD+10.4%
2025+6.6%
2024+12.3%
2023+16.5%
2022−4.3%
2021+7.5%
2020+4.6%

PAPR in the news

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

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 Sep 22, 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.
6.3%
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.
1.00
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.
−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%

22 of the 50 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.