PAPR ETF — Innovator U.S. Equity Power Buffer ETF - April

Innovator U.S. Equity Power Buffer ETF - April (PAPR)

Updated October 16, 2026.

PAPR is an ETF. its expense ratio is 0.79%. Total return is 76.7% over the past 7.5 years, 121.2 points behind SPY at 197.9%.

Innovator U.S. Equity Power Buffer ETF - April is an ETF that invests at least 80% of its net assets in customizable exchange-traded options contracts (FLEX Options) referencing the SPDR S&P 500 ETF Trust, designed to provide downside protection while maintaining equity exposure. The fund does not currently distribute income to shareholders, though it has made special distributions in the past that should not be assumed to recur. The fund carries an expense ratio of 0.79% and is non-diversified, making it suitable primarily for investors seeking tactical downside hedging within an equity allocation rather than regular income.

PAPR performance versus SPY

Price and return data through 2026-10-16.

Total return is 76.7% over the past 7.5 years, 121.2 points behind SPY at 197.9%. Over the past year its total return — price change plus distributions reinvested — is 13.2%. Its deepest 1-year drawdown was 1.2%.

PAPR key facts

Issuer

Innovator ETFs

Asset type

ETF

Asset class

Equity

Inception date

03/29/2019

Expense ratio

0.79%

Distribution frequency

None

Last close

$43.26 (as of 2026-10-16)

AUM

$960,889,765

Average volume

32672.0

Ex-dividend date

11/19/2019

Payment date

11/21/2019

Beta

0.44

How Dividend Vision calculates yield and returns

Distribution rate (the posted rate) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. 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.

PAPR risks and drawbacks

Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 1.2%.

Who may consider PAPR — and who may not

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

More on PAPR

• All tickers starting with P

Tagged: Downside Protection, Options, Target, S&P500.

Frequently asked questions

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