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

Innovator · Buffer ETFs · data as of Sep 11, 2026

As of Sep 11, 2026, PAPR has reached its cap.

## Key facts

- PAPR, past the cap, price drift left: 5.0%, as of Sep 11, 2026.
- PAPR, fall before the buffer: 7.9%, as of Sep 11, 2026.
- PAPR, protection left, index points: 15.0%, as of Sep 11, 2026.
- PAPR, days to reset: 201, as of Sep 11, 2026.
- PAPR, net assets: $961m (issuer page, as of Sep 11, 2026).
- PAPR, expense ratio: 0.79% (issuer page, Sep 11, 2026).

## PAPR over each window to Sep 11, 2026

| Window | Total return | SPY | Gap to SPY |
| --- | --- | --- | --- |
| 3 months | +2.4% | +3.3% | −0.9 pts |
| 6 months | +9.0% | +16.0% | −7.0 pts |
| 1 year | +12.4% | +17.5% | −5.1 pts |
| 3 years | +37.8% | +77.9% | −40.1 pts |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Reference index | SPY | ETFIQ |
| Buffer | 15% | ETFIQ |
| Outcome period | Mar 31, 2026 to Mar 31, 2027 | ETFIQ |
| Starting cap | +14.0% | ETFIQ |
| SPY return since period start | +17.5% | ETFIQ |
| Fund return since period start | +8.2% | ETFIQ |
| Net assets | $961m | issuer page, as of Sep 11, 2026 |
| Band state today | At cap | ETFIQ |
| Can still gain | 5.0% | issuer, fund price |
| Fall before buffer | 7.9% | issuer, fund price |
| Fall to the buffer in index terms | 14.9% | ETFIQ |
| Protection left in index points | 15.0% of 15.0% | ETFIQ |
| Days left in period | 201 | ETFIQ |
| Expense ratio | 0.79% | issuer page, Sep 11, 2026 |

## Questions

### How much can PAPR still gain?

Nothing more in index terms on Sep 11, 2026. SPY has already passed the cap of +14.0% for this period, which runs from Mar 31, 2026 to Mar 31, 2027.

### How far can PAPR fall before the buffer helps?

7.9% in fund-price terms on Sep 11, 2026, by the issuer's figure. In index terms SPY can fall 14.9% from that level before the buffer begins. Losses until that point are the holder's.

### How much of the PAPR buffer is left?

15.0% of the 15.0% buffer sat below the SPY level on Sep 11, 2026. That is an ETFIQ calculation in index points, on one definition for every issuer.

### When does PAPR reset?

The outcome period ends on Mar 31, 2027, 201 days from the data on Sep 11, 2026. A new cap is set the next day and the buffer starts again.

### What does PAPR cost?

The prospectus expense ratio is 0.79% a year.


## Cite this page

ETFIQ, PAPR, data as of Sep 11, 2026. https://etfiq.com/funds/papr
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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