TAPRInnovator Equity Defined Protection ETF - 2 Yr to April 2027
Seeks to provide returns that match the upside return of the Underlying ETF, up to 15.32%, while providing a buffer against 100% of losses.
By Innovator ETFs · Launched 2025
0.79%
#4,215 of 5,861 · expensive
$11M
#4,865 of 5,861 · small
+5.4%
1 year
#4,201 of 5,861 · young
Performance
Total-return NAV · USDTotal-return NAV, USD. Net of fund fees, before tax.
What's inside
How Beacon categorizes this fundWhat it actually holds
By weightConcentration
Top 4 holdings = 100.1% of fundconcentrated
Asset allocation
Risk profile
Last 12 months · Sharpe & Sortino need 3+ yearsYear-on-year price swings
Worst peak-to-trough loss
Listing
- Exchange
- Cboe BZX
Full fund details
- Objective
- Seeks to provide returns that match the upside return of the Underlying ETF, up to 15.32%, while providing a buffer against 100% of losses.
- Strategy
- Invests primarily in instruments providing exposure to the State Street SPDR S&P 500 ETF Trust, designed to deliver capped upside returns and a buffer against losses. Outcomes are defined for the period 2025-2027.
- Inception date
- March 31, 2025
- Fund family
- Innovator ETFs
Similar funds
Same asset class, closest by strategy & exposureOur take
Structural notes on how this fund behaves. Read our guide on the 6 warning signs.
You can build this cheaper yourself
Defined-outcome funds cap your gains (often 8% to 20%) in exchange for cushioning losses by 9% to 30%, priced with options. The fee runs about 0.70% or more, against 0.03% to 0.10% for a plain index fund. For most investors, a simple stock-and-bond mix gives similar protection for far less.
Sources: Morningstar, 'Buffer Funds Are on the Rise, but They May Not Make Sense for Most Investors' (2025)
Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More
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Data updated on 2026-08-04