Innovator Premium Income 20 Barrier ETF
APRH
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- Innovator Premium Income 20 Barrier ETF - April (APRH) is an actively managed exchange-traded fund that seeks to deliver a predefined distribution rate and a 20% barrier against losses in the S&P 500 Price Return Index over an approximately one-year Outcome Period from April 1 to March 31; the fund achieves this through a portfolio primarily consisting of FLEX options referencing the S&P 500 Index, including sold put options at 80% strike levels to generate premiums for distributions, and U.S. Treasury bills for collateral and stability. Launched on April 3, 2023, and domiciled in the United States, APRH targets investors pursuing consistent income with downside protection up to the 20% barrier level, which, if breached, exposes shareholders to S&P 500 losses beyond that threshold; the fund lists on Cboe with a net expense ratio of 0.79% and assets under management approximating $26-28 million as of mid-2025. Managed by Innovator Capital Management, LLC, headquartered in Wheaton, Illinois, and founded in 2017 as a pioneer in defined outcome ETFs, the ETF operates within the defined outcome asset class, emphasizing income-oriented strategies for institutional investors, financial advisors, and individual portfolios exposed to U.S. equities. In November 2025, Innovator Capital Management, the issuer of APRH, entered into a definitive agreement to be acquired by The Goldman Sachs Group, Inc. for approximately $2 billion in a cash-and-stock transaction expected to close in the second quarter of 2026, significantly expanding Goldman Sachs Asset & Wealth Management's active ETF capabilities across 159 defined outcome products managing $28 billion in assets. This strategic acquisition marks a major consolidation in the fast-growing defined outcome ETF segment, positioning Goldman Sachs among the top global ETF providers while integrating Innovator's income, buffer, and growth strategies, including APRH, into its broader offerings. Earlier in November 2025, Innovator expanded its dual-directional outcome ETF lineup, though APRH maintained its focus on premium income with barrier protection amid ongoing Outcome Period resets and distribution announcements.