- What does ZAPR invest in?
- ZAPR invests all its assets in FLEX options. The option positions are structured in a way that aims to provide long exposure to US large-cap stocks, up to a cap, while fully hedging downside risk over one year. The upside cap and hedge are reset annually, at the beginning of April. Shareholders should note that they will not receive dividends since the objective focuses on potential growth. The specific defined outcome pursued may only be possible if an investor would hold the shares for the entire outcome period. However, there is no guarantee that the defined outcome strategy pursued will be realized by investors. When factoring risks, potential rewards, and the all-in costs for such a strategy, ZAPR is considered an alternative to more expensive fixed indexed annuities, market-linked CDs, holding near-term Treasury, or cash.
- What is the expense ratio of ZAPR?
- Innovator ETFs Trust - Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR) charges an expense ratio of 0.79%. This is the annual fee deducted from fund assets to cover management and operations.
- What is the duration of ZAPR?
- Effective duration measures ZAPR's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. ZAPR's current duration is published on the fund's factsheet on the issuer's website.
- What is the credit quality of ZAPR?
- ZAPR's credit quality breakdown (the share of holdings rated AAA through CCC and below) is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds.
- What is the yield to maturity of ZAPR?
- Yield to maturity (YTM) is the total return you'd earn from ZAPR if every bond in the portfolio is held to maturity at the current price. ZAPR's YTM is published on the fund's factsheet on the issuer's website. It differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid.
- How big is ZAPR?
- Innovator ETFs Trust - Innovator Equity Defined Protection ETF - 1 Yr April (ZAPR) manages $67.8M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation.
