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ZAPRInnovator Equity Defined Protection ETF — 1 Yr April

Grow my money1y track recordRanked #2,236 of 2,960 in this goal

Seeks to match S&P 500 ETF upside to a pre-set cap while buffering 100% of its losses over a one-year April-to-March outcome period.

By Innovator ETFs · Launched 2025

Annual Cost

0.79%

#4,047 of 5,562 · expensive

Fund Size

$75M

#3,189 of 5,562 · mid-size

Return (1Y)Goal

+6.7%

Track Record

1 year

#4,294 of 5,562 · young

Performance

Total-return NAV · USD
Growth of $10,000
$10,685+6.9%

Total-return NAV, USD. Net of fund fees, before tax.

Classification

How Beacon categorizes this fund

Asset class

Alternative

Region

North america

Strategy

Structured outcome

Index tracked

S&P 500 Index

What it actually holds

By weight

Concentration

Top 1 holdings = 112.5% of fundconcentrated

Vanguard S&P 500 ETFVOO
112.5%

Asset allocation

Stocks
99.6%
Cash
0.2%
Other
0.2%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
1.5%Low

Year-on-year price swings

Max drawdown
-1.7%Mild

Worst peak-to-trough loss

Sharpe (3Y)
Unavailable

Needs 3+ years of history

Sortino (3Y)
Not yet

Needs 3+ years of history

Where to buy

Listing

Exchange
Cboe BZX

Full fund details

Objective
Seeks to match S&P 500 ETF upside to a pre-set cap while buffering 100% of its losses over a one-year April-to-March outcome period.
Strategy
Actively managed defined-protection (buffer) ETF that invests in FLEX Options referencing an Underlying ETF tracking the S&P 500 Index, and may hold the Underlying ETF or its constituents directly. Seeks to replicate the Underlying ETF's return up to an upside cap while providing a 100% buffer against its losses over each approximately one-year outcome period (April 1 through March 31), which resets annually.
Inception date
March 31, 2025
Fund family
Innovator ETFs

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Buffer
Warning

Buffer ETF — downside protection at a cost

Defined-outcome funds cap upside (typically 8–20%) in exchange for partial downside protection (9–30%), priced via options. Fees are materially higher than the underlying index (often 0.70%+ vs 0.03–0.10%). For most pre-retirees, a simple stock/bond mix achieves similar downside behaviour at a fraction of the cost.

Source: Morningstar, 'Defined-Outcome ETFs: Useful or Uneconomic?' (2023)

Why we flagged this: strategy=structured_outcome + structured_outcome_strategy

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 2026-06-19