Innovator Equity Defined Protection ETF
$26.85+0.00 (+0.00%)
- Expense ratio
- 0.79%
- Fund size
- $11M
- 1Y return
- +4.8%
- Yield · Last 12 months
- —
- Holdings
- 5
- Volume · 30D
- 0M sh
- NAV per share
- $26.82
- 52W range
The ETF.net TAPR Grade
Score 33 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.FScore 21Category 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.DScore 38Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.CScore 51Category 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.CScore 46Category rank
Our read on TAPR
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.
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 Holdings
- Stocks
- 5
- 124%
- 4SPY US 03/31/27 C10.07 FLX
Sectors
TAPR 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 | TAPR |
|---|---|
| Year to date | +3.7% |
| 1 month | +0.5% |
| 3 months | +1.6% |
| 1 year | +4.8% |
| 3 years | — |
| 5 years | — |
| 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 | TAPR |
|---|---|---|
| 2026 YTD | +3.7% | |
| 2025 | +6.5% |
TAPR in the news
ETF.net Research hasn’t filed on TAPR yet — coverage lands here as it’s written.
TAPR Dividends
No distributions in the last 12 months.
TAPR Risk
- 2.4%
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.
- 1.25
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.
- −2.6%
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.
- 0.18
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
TAPR Cost
- The middle half of S&P 500 Full Protection funds
- Median 0.69%
19 of the 26 S&P 500 Full Protection funds charge less.