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Launched · SEC filings

Innovator Equity Defined Protection ETF

TAPRCboeInnovatorD

$26.95+0.04 (+0.15%) past 5 days

As of Nov 2, 2026, 10:00 AM ET

D28/ 100

Rank 39 of 39 in S&P 500 Full Protection

D28/100Rank 39 of 39inS&P 500 Full Protection
5D price: up, 6 points from 26.91 to 26.95. Range 26.93 to 26.96. Use the arrow keys to read each point.26.9126.9226.9326.9426.96Oct 27Oct 28Oct 29Oct 30Nov 2
Market opens at 9:30 AM ET.
Expense ratio
0.79%
Fund size
$11M
1Y total return
+4.9%
Yield · Last 12 months
No data
Holdings
3
Avg volume · 30D
413 sh
52W range
low $25.40high $26.97
Launched
Filings
SEC EDGAR

The ETF.net TAPR Grade

Based on 4 of 6 pillars

D

Score 28 out of 100

Category
S&P 500 Full Protection⁠
Rank
39 of 39
Six-pillar profile for TAPR. Scores out of 100: Cost 21, Risk 42, Mission not scored, Tradability 23, Holdings not scored, Durability 47. Strongest: Durability (47). Weakest: Cost (21). Based on 4 of 6 pillars.

Score 28 of 100 falls in the D 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.
    F21 out of 100
    Rank 23 of 39

  • 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.
    C42 out of 100
    Rank 32 of 39

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    F23 out of 100
    Rank 33 of 39

  • 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.
    C47 out of 100
    Rank 27 of 39

Our read on TAPR

ETF.net Research

In short

DInnovator's maximalist take on the buffer trade: a two-year term that aims to shield 100% of SPY's downside before fees, with upside stopped at a cap fixed the day the period starts.

Stated mandate

The Fund seeks to track SPY's return subject to a cap while providing a 100% downside buffer over the two-year outcome period, before fees and expenses.

Why people hold it

  • No partial cushion here. The stated goal is protection against 100% of SPY's decline across the outcome period running to March 31, 2027, before fees and expenses.innovatoretfs.com
  • The cap is set at the start of the two-year term, so the bargain (full downside covered, upside stopped at a defined level) is known going in rather than discovered later.innovatoretfs.com
  • It's a registered 1940 Act fund built from an options package on SPY, so the outcome doesn't ride on a single bank's balance sheet the way a structured note does.innovatoretfs.com

Worth knowing

  • At 0.79% a year, it costs more than the 0.69% charged by the Calamos protection lineup (CPSM, CPSA, CPST) chasing the same S&P 500 exposure.
  • The stated outcomes apply to shares held from the start of the period through March 31, 2027. Buy or sell in between and you get whatever the options package is worth that day.innovatoretfs.com
  • Small and thinly traded next to its peers, so bid-ask spreads deserve a look. It also hasn't paid distributions, meaning any return shows up in the share price.

TAPR Performance

Launched Apr 1, 2025

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.Not enough history yet.Not enough history yet.
TAPR$10,495
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. TAPR $10,495. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025May 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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 TAPR. Periods over one year show the average yearly return.
PeriodTAPR
Year to date+4.1%
1 month+0.4%
3 months+1.3%
1 year+4.9%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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 TAPR
YearReturn barTAPR
2026 YTD+4.1%
2025+6.5%

Since listing, Apr 1, 2025

TAPR in the news

TAPR Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

TAPR Risk

Risk pillarC42 out of 100Rank 32 of 39 in S&P 500 Full Protection
How much the fund’s monthly returns vary, scaled to a year.
2.3%
Annualised · 18 months to Oct 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.
1.18
vs 3-month T-bills · 18 months to Oct 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.
−2.6%
18 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.
0.18
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.

FMP measures it over up to five years of monthly returns.

TAPR Cost

Compare TAPR and CPSL

Overpaying vs CPSL, cheapest in S&P 500 Full Protection

$13,068

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • TAPR 0.79%

    $15,174

  • CPSL 0.10% Cheapest

    $2,106

$10,000
30 years

Cost over time

  • TAPR 0.79%
  • CPSL 0.10%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TAPR $15,174CPSL $2,106

Year by year

YearTAPRCPSLOverpaying
10$1,405$183$1,222
20$5,331$717$4,614
30$15,174$2,106$13,068

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