AAPR ETF — Innovator Equity Defined Protection ETF - 2 Yr To April 2026

Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR)

Updated October 6, 2026.

AAPR is an ETF. its expense ratio is 0.79%. Total return is 20.5% over the past 2.5 years, 33.1 points behind SPY at 53.6%.

This ETF invests at least 80% of its net assets in the State Street SPDR S&P 500 ETF Trust, combined with options strategies designed to provide downside protection through April 2026. The fund does not currently distribute income, and carries an expense ratio of 0.79%. It appeals to equity investors seeking S&P 500 exposure with defined risk parameters over a specific time horizon.

AAPR performance versus SPY

Price and return data through 2026-10-06.

Total return is 20.5% over the past 2.5 years, 33.1 points behind SPY at 53.6%. Over the past year its total return — price change plus distributions reinvested — is 6.9%. Its deepest 1-year drawdown was 1.0%.

AAPR key facts

Issuer

Innovator ETFs

Asset type

ETF

Asset class

Equity

Inception date

03/28/2024

Expense ratio

0.79%

Distribution frequency

None

Last close

$29.89 (as of 2026-10-06)

AUM

$70,890,345

Average volume

2417.0

Beta

0.166

P/E ratio

24.7253

How Dividend Vision calculates yield and returns

Distribution rate (the posted rate) is the latest regular payout annualized by the fund's stated frequency, divided by the last close. Issuers often publish this as “Distribution Rate” on the fact sheet. Trailing-12-month yield is the sum of distributions paid in the last 12 months, split-adjusted, divided by the last close. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Innovator ETFs; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

AAPR risks and drawbacks

Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 1.0%.

Who may consider AAPR — and who may not

It is a weaker fit for investors who need monthly cash flow (AAPR does not currently distribute); investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

Frequently asked questions

More securities from Innovator ETFs.